Print
As a member of the House Financial Services Committee, Congressman Bruce Poliquin is in a strong position to help affect change in the financial services industry. In multiple conversations with the Congressman and his staff, your League has discussed the increased regulatory burden on the financial services industry and the negative impact it is having on credit unions and other smaller institutions. The Congressman has expressed his support for providing regulatory relief to help credit unions focus less on "volumes of unnecessary rules, and more on serving your members." Your League highlighted this issue and expressed appreciation to Congressman Poliquin for his willingness to work on this issue in a recent article that ran in multiple daily papers across Maine recently.
In the article, your League's President John Murphy said the impact of the Dodd-Frank Act of 2010 has resulted in "a landslide of new regulations on credit unions."
Speaking recently at the Maine CU League's Annual Meeting & Convention, Congressman Poliquin reiterated his desire to "question regulators, such as the CFPB, which came out of the Dodd-Frank Act, about the reasons and necessity of certain rules. It is my job to ask lots of questions and demand answers. Some of these regulations are hurting the economy, and that's a problem."
Murphy said having a member of Congress serve on the House Financial Services Committee is a rare opportunity for credit unions to "be involved early in the legislative process and have our voice heard when we raise concerns and issues for the Committee to consider." Congressman Poliquin is just the eighth member of the House Financial Services Committee from Maine since 1865.
Congressman Poliquin agreed, adding, "My role on the House Financial Services Committee gives me a chance to influence legislation that affects the bloodline of our economy. If you can't get provide credit or lend money because of these regulations, then you companies can't hire people and grow our economy."
Resources:
Entire article on Congressman Poliquin from Portland Press Herald