>> IT'S BEEN A DECADE SINCE THE
FINANCIAL CRISIS.
IN A BIPARTISAN EFFORT CONGRESS
HAS VOTED TO DISMANTLE KEY PARTS
OF THE 2010 DODD FRANK ACT
DESIGNED TO REGULATE BANKS IN
THE WAKE OF A CRISIS WHAT
EXACTLY DOES THAT ECONOMIC
GROWTH, AND REGULATORY BELIEVE
IN CONSUMER PROTECTION PROGRAM
DO?
IT EASES REGULATIONS ON BIGGER
BANKS.
CONSUMERS WILL HAVE THE RIGHT TO
FREE CREDIT FREEZES.
ONE GROUP, VERY HAPPY WITH THE
BILL, CREDIT UNIONS.
JOINING ME NOW ON A FIVE
BUSINESS EXCLUSIVE IS THE CEO
AND PRESIDENT OF THE
ASSOCIATION.
>> IS A GREAT DAY.
YESTERDAY WAS VERY IMPACTFUL.
THE BILL THAT PASSED WAS
LITERALLY YEARS IN THE MAKING.
WE HAVE TO GIVE CREDIT TO
PRESIDENT TRUMP REALLY SETTING
THE TABLE AND ALLOWING THE
HAPPEN.
HIS FOCUS ON REGULARLY FOR MAIN
STREET BUSINESSES AND FINANCIAL
SINCE YOU SPOKE WITH PRESIDENT
TRUMP ABOUT A MONTH AGO HE SPOKE
WITH CONGRESS LAST WEEK.
YOU HAD SOME KEY PLAYERS IN THE
SUPPORT OF THIS.
OBVIOUSLY YOU FEEL LIKE YOU'VE
BEEN HURT, BUT WHAT DOES THIS
MEAN FOR THE INDUSTRY?
WHAT DOES THIS MEAN FOR CREDIT
UNIONS?
SO MANY HAVE GONE OUT OF
BUSINESS UNDER DODD FRANK.
>> WE LOSE ABOUT A CREDIT UNION
A DAY.
IT'S MOSTLY BECAUSE OF THE
REGULATORY BURDEN IS SO
EXPENSIVE TO DEAL WITH ALL THE
REGULATIONS.
FOR US, THIS RELEASES A LOT OF
THE BURDEN.
IT'S A REALLY GOOD FIRST STEP
GERMANY BOWEN HENSLEY TOOK THE
BALL REALLY IRAN WITH IT IN A
BIPARTISAN FASHION.
THIS IS ABOUT MAIN STREET
FINANCIAL INSTITUTIONS BEING
ABLE TO HELP MAIN STREET
BUSINESSES.
IT'S NOT ABOUT WALL STREET OR
THE BIG BANKS, IT'S ABOUT
HELPING THE PLUMBER IN ALLENTOWN
PENNSYLVANIA OR IN VIRGINIA OR
THE FISHING GUY IN KEY WEST
FLORIDA TO GROW THEIR
BUSINESSES.
THAT'S WHAT THIS IS ALL ABOUT,
HELPING SMALL BUSINESSES GROW
AND FOR THE AMERICAN CONSUMERS
TO START NEW BUSINESSES.
>> YOU MENTIONED SMALL
BUSINESSES.
OBVIOUSLY A KEY PIECE OF THIS
ECONOMY AND THAT'S VERY GOOD
NEWS.
WHAT ABOUT MORTGAGES?
ANYBODY WHO WENT OUT AND TRIED
TO BUY A HOME IN THE PAST DECADE
REALIZED IT WAS A REGULATORY
REDTAPE MASSIVE DESTRUCTION.
THIS COULD BE REALLY GOOD FOR
THOSE WHO DO HAVE THE LENDING
CAPACITY.
>> ABSOLUTELY CORRECT.
THE FOCUS IS REALLY HELPING
HARD-WORKING AMERICANS ACROSS
THE COUNTRY TO BE ABLE TO GET
THE LENDING PRODUCTS THEY NEED
WHETHER IT'S MORTGAGES OR
SMALL-BUSINESS LOANS.
THAT WAS THE ENTIRE FOCUS, THE
ENTIRE CATALYST STARTING WITH
PRESIDENT TRUMP, STARTING WITH
THE BIPARTISAN EFFORT IN THE
SENATE AND HOUSE PRINT WAS ON
THE FOCUS TO MAKE IT EASIER SO
MORE PEOPLE COULD OWN THEIR
FIRST HOME OR START THEIR FIRST
BUSINESS OR GROW THEIR EXISTING
BUSINESS.
>> AND MENTIONED EARLIER, WE'VE
SEEN SO MANY CREDIT UNIONS CLOSE
UP.
THEY JUST COULDN'T COMPETE.
A BIG BANK LIKE J.P. MORGAN,
THEY CAN AFFORD LAWYERS, BUT
SMALL BANKS AND CREDIT UNIONS
CAN'T AFFORD THE LEGAL TEAMS YOU
NEED OR HAVE NEEDED IN THE PAST
TO GET THROUGH DODD FRANK.
DO THINK WE WILL SEE NEW NAMES
POP UP?
NEW CREDIT UNIONS WILL COME TO
PASS AND GET REVIVED.
>> WE ARE HOPING NEW CREDIT
UNIONS WILL START, BUT FOR THE
EXISTING ONES, THIS WAS A
TREMENDOUS BILL THAT WAS PASSED,
HOPEFULLY SIGNED SOON BY
PRESIDENT TRUMP INTO LAW SO NEW
CREDIT UNIONS CAN START A NEW
LENDERS CAN START BUT MORE
IMPORTANTLY, FOR THE EXISTING
LENDERS OUT THERE, IT ALLOWS
THEM TO PROVIDE MORE MORTGAGES,
MORE CAPITAL AND MORE LENDING IN
THEIR COMMUNITIES.
WE REPRESENT 110 MILLION
AMERICAN CONSUMERS FROM COAST TO
COAST.
THIS REALLY HELPS THEM.
>> WHAT YOU THINK HAPPENS NEXT
AND WHAT DO YOU WANT TO SEE
HAPPEN?
IT'S NOT A PERFECT WORLD.
WE STILL HAVE A LOT OF
REGULATORY HITS FOR BANKS AND
CREDIT UNIONS.
WHAT ARE WE MISSING?
WHAT'S THE NOT ENGINE NEXT STEP.
>> TWO THINGS.
IT'S WELL KNOWN.
YOU REPORTED REPORTED ON AN AS
IS OTHERS.
THEY RECOGNIZE THAT CREDIT
UNIONS DIDN'T CAUSE THE CRISIS.
THEY WANT THE BAD GUYS THROUGH
ALL THIS.
[INAUDIBLE]
WE WANT TO SEE CREDIT UNIONS
EXEMPT.
THEY WANT THEY SHOULD BE EXEMPT
FROM THE CONSUMER PROTECTION
BUREAU.
SECONDLY, WE WOULD REALLY LOVE
TO SEE THIS CFP BE RUN BY A
BOARD OR COMMISSION BECAUSE MORE
EYES ON IT, WHILE THE RULES ARE
BEING PROMULGATED WILL MAKE
THINGS MORE ROBUST AND BETTER
DISCUSSION.
>> THAT'S A REALLY GOOD POINT.
TO YOUR EARLIER POINT, CREDIT