Trump Orders Review of Dodd-Frank, & More Posted by Association of Vermont Credit Unions on 2:06 PM

Around noon today, President Donald Trump signed an executive order calling for a full review of Dodd-Frank and to halt the fiduciary rule.  CUNA thanked the new administration for acknowledging the importance of tailoring regulations based on risk profile, in contrast to rulemaking institutions have come to expect from the CFPB.  Today's NewsLines Express from the Association provided more insight on this development. Watch for more details as they become available.

Separately, CUNA President Jim Nussle issued the brief video below as an update on meetings being held by CUNA with members of Congress in advance of CUNA's Governmental Affair Conference.

Jim Nussle's February 1, 2017 Nussle Report from CUNA on Vimeo.

CUs a $68B Benefit: In its annual update on tax expenditures, Congress' Joint Committee on Taxation noted the credit union tax status would cost the government $14.4 billion over the next five years. But the report omits the benefits credit union create for the economy, which far outweigh the "cost." For the year ending Sept. 2016, credit unions provided $9.7 billion in direct benefits to members--not including the $3.9 billion bank customers saved through increased competition, per CUNA data. That means over the next five years, credit unions will create $68 billion in direct benefits to the economy.