WASHINGTON (7/9/15)--CUNA announced today that it is launching the second phase of its study, together with Cornerstone Advisors, of the costs of regulatory burdens credit unions face.
The assessment is intended to give CUNA an accurate dollar figure for compliance costs that will be used to advance regulatory relief in the legislative and regulatory arenas.
“The goal of the study is to develop a rigorous estimate of the total costs of regulatory burden,” said CUNA President/CEO Jim Nussle. “We believe this first-ever complete and rigorous catalogue of regulatory costs will be a vital tool in rolling back regulatory burden.”
Phase I of the study was a deep-dive look at three credit unions of different sizes.
Phase II is based on what CUNA and Cornerstone Advisors learned in the first phase, and will gather information about increased expenses, lost revenue and lost productivity across all areas of the credit union. The detailed information required will likely take an investment of up to two business days to gather the data and complete the survey.
“We recognize this will require quite a bit more time than a normal survey would, but we believe your participation will provide a significant long-term benefit to your credit union, your members and the broader credit union system,” Nussle said.
Credit unions that participate will have access to pre- and post-survey webinars and will be given a custom regulatory scorecard to compare financial impacts with those of other respondents of similar sizes.
CUNA and Cornerstone Advisors will hold a webinar next Wednesday for credit unions to learn about participating in the study. Credit unions of all sizes are encouraged to participate. For information about the webinar, interested credit unions should send an email to RegRelief@cuna.coop.