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Seeking Real Examples of Reg. Burden for Senate Banking Committee
Thursday, February 19, 2015 6:30 AM

Credit Union National Association has launched a new tool to help credit unions collect real-life examples of how the growing regulatory burden results in reduced service for members or increased costs to credit unions—a request made by the Senate Banking Committee.

At a recent Senate Banking Committee hearing at which CUNA testified, Sen. Richard Shelby (R-AL) asked credit unions and community banks to submit concrete examples of how regulations negatively affect service to consumers. Several other senators echoed the Senate Banking Committee chair's request for more information.

CUNA said they believe the committee's interest in learning more about regulatory environment signals a serious and welcome attempt to roll back some of the regulatory and compliance burdens that credit unions have been subjected to over the past decade.

CUNA requests that credit unions use a special form to provide specific examples of regulatory burden, such as:

  • Deciding to not offer a new service;
  • Terminating an existing service;
  • Offering a service to fewer members;
  • Offering a service at a less attractive price; or
  • Offering a service in a less beneficial way to members because of a rule or regulation. 

CUNA will forward all submitted examples to the Senate Banking Committee. Although the form asks credit unions to identify themselves so CUNA can follow up if necessary, a credit union can choose to not be identified in the information provided to the Senate.

CUNA also announced a groundbreaking initiative to identify true dollar costs of the "creeping crisis of regulatory complexity." In a recent Senate Banking Committee hearing also investigating small financial institution regulatory burden, the panel pressed federal and state regulators for costs associated with regulatory requirements.

During testimony, CUNA announced that it has been building and will soon launch a comprehensive study and fact-based analysis of the actual compliance costs credit unions face due to regulatory burden.