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Unintended Consequences, NCUA’s CUSO Regulation, and Safety and Soundness.

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A Strange Parallel Between Dodd-Frank and Proposed New Regs

By James H. Park

A little more than one year ago, the Dodd-Frank Act was passed to reform our financial system, avoid a future meltdown of our economy, and provide safety and soundness for consumers.  Primarily aimed at the “Reckless Wall-Streeters,” ”Greedy Bankers” and “Unscrupulous Real Estate Industry,” the Act quickly took on the appearance of what politicians often refer to as a Christmas tree with everyone getting into the act, hanging ornamental amendments on the tree (some with little or no relationship to the original intent of the Act.)

Before the Act was finally voted upon, it had more than 200 amendments, an unrealistic, one-year deadline for implementation, and even more unrealistic expectations–expectations that are yet to be realized and those that were unintended.

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