During the financial crisis, while big Wall Street banks had to be bailed out by taxpayers, credit unions helped middle-class families weather the storm.
Iowa credit unions and their one million members didn’t cause the problems that pushed the economy into the Great Recession, so why are we being punished like the gigantic banks that did?
Instead of focusing on the real problems with Wall Street, Congress and Washington bureaucrats overcorrected and created expensive new regulatory burdens that hurt credit union members on Main Street.
- Out-of-control federal regulations have a staggering $7.2 billion total impact on credit unions.
- Since 2010, total regulatory costs for credit unions have increased by 39%.
- Credit unions have lost $1.1 billion in revenue due to regulatory costs.
- Regulations have cost Iowa credit unions $67.8 million.
- Iowa credit unions have lost $13 million in revenue due to burdensome regulation.
- The average total impact per Iowa credit union is $747,711.
- The average regulatory burden per Iowa credit union member is $75.
If those numbers don’t resonate, take it from credit union CEOs themselves. When asked in a survey recently what they would do if those lost costs were returned, the top two answers were that they would turn around and provide members lower rates on mortgages and higher interest rates on deposits. Washington’s overreaction has taken money out of the pockets of credit union members for a problem credit unions did not cause.
The costs of one-size-fits-all regulation hits Iowa credit unions and their members in the wallet every day. Credit union members shouldn’t have to keep paying the price. Click here to learn more and tell Congress you don't want to pay the price for Wall Street's mistakes anymore.