LSCU asks Florida governor to help reduce regulatory burden on credit unions
01/28/2011 12:46 pm
In a letter to Florida Gov. Rick Scott, the LSCU expressed support for his actions to suspend regulatory rule making and also creating an Office of Fiscal Accountability and Regulatory Reform. LSCU President/CEO Patrick La Pine informs the governor that credit unions are the most highly regulated financial institutions in the country. He writes, "every dollar that a credit union spends complying with regulation is a dollar that is not used to the benefit of the credit union's membership."
The LSCU also laid out how statutory limitations keep Florida credit unions from helping members "to do more to promote job creation and economic growth." The letter also praised the governor for his theme of "Getting Florida Back to Work." 'To read the letter