Commentary demonstrates impact of federal regulations

August 10, 2010

Thank you for a great article ("Major rules deserve a vote," Commentary, Aug. 10), which states what I have been saying for quite a while.

As I have spoken at various organizations, within and outside of the credit union movement, I've stated that we now have four branches of the federal government, legislative, judicial, executive, and regulatory.

I've been involved with our credit union and the credit union movement for some 40 years. The past two years have been unbelievable in the amount of regulatory impact we have had to deal with. Your article has done an outstanding job of demonstrating the impact of regulations.

I would be very interested in seeing how many pages the recent 2,000-page financial reform bill ultimately generates. In a recent meeting with Rep. Steny H. Hoyer's staff reviewing the impact of the debit interchange amendments' (I might add without hearings) negative impact on the smaller financial institutions, he candidly admitted that Congress doesn't consider the cumulative impact of each bill on the bearer of their regulations.

While you have shown that they have time to consider resulting regulations, and demonstrated by the example of 58 votes to name post offices, I would go further and suggest they take more holidays, more vacations, spend more time in their district offices and in fact, make it a part-time job.

Richard T. Webb, Hunt Valley

The writer is president and CEO of Atlantic Financial Federal Credit Union

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