WASHINGTON (UPDATED: 12:45 P.M. ET, 2/24/14)--PowerComment, a new online regulatory advocacy resource that will help credit unions take their compliance concerns directly to regulators, was unveiled today at the Credit Union National Association's 2014 Governmental Affairs Conference.
CUNA and California and Nevada Credit Union Leagues partnered to develop the tool, which helps users efficiently generate and submit letters to regulatory agencies, including the National Credit Union Administration and Consumer Financial Protection Bureau. CUNA President/CEO Bill Cheney and CNCUL President Diana Dykstra announced the innovation this morning.
PowerComment also explains proposed rules and regulations issued by regulators, and helps individuals understand how those rules may affect their credit union. The website, which will be available exclusively to CUNA-affiliated credit unions, also provides a discussion board so that credit unions can discuss any questions or concerns with other members.
"Like it or not, regulation is a major part of today's credit union movement," CUNA General Counsel Eric Richard reminds. "We know credit unions feel like the onslaught of regulation in recent years is one of the greatest headwinds facing the future of our movement. And we know credit unions want to do what they can to help shape the regulations. PowerComment will help credit unions take action in the regulatory arena."
CUNA Deputy General Counsel Mary Dunn adds, "CUNA and the leagues are always committed to providing credit unions with the best technology to confront the challenges facing the movement.
"In the spirit of the cooperative movement, CUNA is pleased to partner with the California and Nevada Credit Union Leagues in this venture as we continue to look for ways to improve the regulatory environment for our credit union members."
PowerComment is currently being tested by seven credit union state leagues and is set to be available for all members later this year. Watch News Now for more developments on this issue.