Mon, Oct 30, 2017
MD|DC Credit Union Association president/CEO John Bratsakis testified in Annapolis Thursday, offering the credit union perspective on regulatory burdens. Appearing in front of the Maryland Commission on Consumer Financial Protection, Bratsakis spoke about the one-size-fits-all regulatory climate under which credit unions now operate, and asked the Commission to “right size” the current environment with common-sense regulatory relief.
He pointed to the results of a 2016 regulatory burden study which found that regulations implemented since 2010 have had a $115 million impact on Maryland credit unions, costing the average member $65 annually.
Bratsakis told the Commission, “We believe that regulatory reform, predicated on ensuring that a system of rules is in place that are as minimal as possible, and as much as necessary. Federal and state regulations on capital, risk concentration and management, liquidity and consumer protection all fall under this heading, and should be reviewed proactively by this Commission.”
The 11-member panel was created by the General Assembly to monitor changes to federal financial laws, regulations, budgets and policies, and issue recommendations for federal and state actions to protect consumers. SECU president/CEO Rod Staatz is a member of the Commmission.
The Maryland Bankers Association and consumer groups also testified.