Individual credit unions can now benefit from CUNA and Cornerstone Advisors’ groundbreaking regulatory burden study with the release of a new calculator tool Wednesday. The Regulatory Burden Calculator will allow member credit unions to replicate the study that comprehensively examined the financial impact of regulatory burden for credit unions nationwide.
“The Regulatory Burden Calculator is a great tool that will allow credit unions to assess the impact of regulations on their own credit union,” said Bill Hampel, CUNA chief policy officer. “CUNA commissioned a regulatory burden study to quantify the effect that rules and regulations have had on our credit union members, and we created this new tool to meet the further needs of our members.
“Credit unions want to better understand the impact of regulations on their credit unions--and now we’ve made the data available at their fingertips,” Hampel added.
The study found regulations cost the credit union industry $7.2 billion nationally: $6.1 billion in regulatory costs and $1.1 billion in lost revenue.
This represents a cumulative increase of more than $2.8 billion in financial impact for credit unions since 2010, an increase that has disproportionately impacted smaller credit unions.
CUNA has entered the study into the record for congressional hearings. State leagues and credit unions have already used the study to illustrate the increasing regulatory burden facing credit unions, and the costs that come with it.
The study was also used to its intended effect during Hike the Hill visits during CUNA Governmental Affairs Conference (GAC) in February.
Credit unions brought the information, including a per-state and per-credit union breakdown to their legislative meetings to show their elected officials the exact cost of overly burdensome regulations.
Other available information from the study includes an executive summary, detailed report of findings, the data collection form used, a one-page flyer for visits and conversations with policymakers and slides from the presentation at this year’s CUNA GAC.