CUNA seeks to update its groundbreaking study on the costs of regulatory burden this year, and will begin reaching out to credit unions in the coming weeks, CUNA Chief Policy Officer Bill Hampel said Monday. CUNA’s study, conducted by Cornerstone Advisors, found that in 2014 alone, regulatory burden cost credit unions $7.2 billion.
“It’s been a few years, and the data isn’t exactly stale as these things go,” Hampel said. “It would be nice to check in and see what the numbers are, to see whether the cost has gone up.”
He added that the study will be conducted in the fall and result in data that is current as of 2017.
CUNA released its full study in March 2016, after a number of congressional requests to show a dollar impact of regulatory burdens facing credit unions. The study found that burdens caused $6.1 billion in regulatory costs and an additional $1.1 billion in lost revenue.
The report featured breakdowns by state, by credit union and by member and demonstrated the money that is being spent on compliance with rules rather than better and increased products and services to consumers.
CUNA also released a calculator tool to help credit unions to assess the impact of regulations on their own credit union.
Hampel said CUNA plans to reach out to the credit unions that participated in the first study and will invite new credit unions to participate as well.