With the Trump administration inking executive orders and implementing change, it is an important time to shine a light on credit unions, which have been a stalwart for consumers in times of crisis over the years. Patrick La Pine, president/CEO of the League of Southeastern Credit Unions and Affiliates, spoke out against the one-size-fits-all style of regulating in Florida Politics and AL.com this week and highlighted how credit unions not only serve their members, but serve as a balance to the Florida and Alabama economies.
“Protecting consumers from the irresponsible behavior we saw from big banks makes sense. It was not reasonable, however, for [the Consumer Financial Protection Bureau] to blanket all financial institutions with the exact same regulations, regardless of size,” he wrote. “It is not common sense for Florida credit union members, to pay for the mistakes of the big banks. Something must be done.” Read full article at Florida Politics.
In AL.com, he stated, “These massive one-size-fits-all regulations have been detrimental to many Alabama credit unions, with limited resources as not-for-profit financial institutions. It is simply not reasonable to treat behemoth financial institutions the same way as not for profit, member-owned and governed credit unions.” Read more at AL.com.