Newspapers in North Dakota and South Dakota received op-eds from Credit Union Association of the Dakotas (CUAD) President/CEO Jeff Olson that detail the negative impact regulatory burden has on the two states’ credit unions and their more than 470,000 members.
The op-eds, which have appeared so far in the Grand Forks (N.D.) Herald and Minot Daily News, include statistics from the Credit Union National Association’s (CUNA) recent study that revealed the cost of regulatory changes to credit unions and their members.
Olson wrote, “These burdens subject each of the 105 million credit union members nationwide to a real cost of about $71 per year. In the Dakotas, these costs are even greater per credit union member—averaging $115 per year for more than 215,000 North Dakota credit union members and $81 per year for some 258,000 South Dakota credit union members.”
Overall, the CUNA/Cornerstone Advisors study found that in 2015 alone, the change in the regulatory climate cost credit unions nationwide $7.2 billion.
“Specifically, regulatory costs for South Dakota and North Dakota credit unions rank among the highest in the country despite our responsible record of sound banking practices,” Olson wrote in Monday’s edition of CUAD’s The Memo. “Regulators such as the Consumer Financial Protection Bureau gravely underestimate the breadth and depth of this burden, and my letter is a plea for them to consider using their exemption authority when implementing these regulations.”
Olson’s letter is set to appear in the Rapid City (S.D.) Journal and Sioux Falls (S.D.) Argus Leader this week.
The Credit Union Association of New Mexico and U.S. Eagle FCU, Albuquerque, also scored press coverage of the CUNA survey and effects of the Dodd-Frank Act on New Mexico credit unions as well as an editorial in the Albuquerque Journal.