Jim Nussle, CEO of the Credit Union National Association wrote an opinion piece in The American Banker (paid subscription required) that rang a bell with this bank lawyer. As I’ve been urging for some time, Jim thinks it would be a good idea if community bankers and credit union officials could stop sniping at each other long enough join hands against a common enemy: the crushing burden of regulations.
I believe credit unions can work with small banks to create momentum and put pressure on both legislators and regulators to reduce unnecessary and cumbersome regulations. This could be a surprise for us to deliver to Congress. We can create a shared agenda and build momentum in a bipartisan way to help reduce the regulatory burden that small banks and credit unions face.
Let us try something new: Credit unions and small banks working together to reduce the crushing regulatory burden.
As I said nearly eight years ago when discussing this same topic, “the enemy of my enemy is my friend.” in the interim, the common enemy has only grown bigger and stronger. Relief will come principally from Congress (I think), and that will occur only as the result of a concerted lobbying effort by all financial institutions who are being beaten down, regardless of charter type. As Jim Nussle states, the time has come to turn our fire away from one another and onto the common enemy, at least until all affected institutions can get some relief. Then, they can all go back to bashing each other with the same old animosity that we’ve all come to know and (not) love.