WASHINGTON (2/17/15)--CUNA is launching a new tool today 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 last week by the Senate Banking Committee.
At a recent Senate Banking Committee hearing, at which CUNA testified, Sen. Richard Shelby (R-Ala.) 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 believes that the committee's interest in learning more about regulatory environment signals a serious and welcome attempt to roll back some of the tide of regulatory and compliance burden that credit unions have been subjected to over the past decade.
It is vital that the Senate receives real examples of the negative consequences of unnecessary regulation, and CUNA requests that credit unions use the form to provide examples of how the regulatory burden has caused the credit union to:
CUNA will collect all submitted examples and forward them 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. Questions can be directed to RegRelief@cuna.coop.
CUNA also last week announced a groundbreaking initiative to identify true dollar costs of the "creeping crisis of regulatory complexity." In a Tuesday 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 Thursday's testimony, CUNA stepped forward to announce 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.