FOR IMMEDIATE RELEASE
Contact: Vicki Christner - CUNA Communications; 202-508-6754; firstname.lastname@example.org
Washington, DC (April 27, 2016) - The Credit Union National Association (CUNA) launched a Regulatory Burden Calculator, a new tool that allows individual credit unions around the country to calculate the costs of regulation on their credit union. The Regulatory Burden Calculator is free to member credit unions and will allow them to replicate CUNA's recently commissioned study that comprehensively examined the considerable financial impact of regulatory burden for credit unions across the country.
CUNA found regulations cost the credit union industry $7.2 billion nationally: $6.1 billion in regulatory costs and $1.1 billion in lost revenue. These numbers represent a cumulative increase of more than $2.8 billion in financial impact for credit unions since 2010, an increase the study says has disproportionately affected smaller credit unions.
“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 CUNA chief policy officer Bill Hampel. “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.”
CUNA commissioned financial services consulting firm Cornerstone Advisors to comprehensively examine the costs of regulatory burden for credit unions throughout the nation for 2014. CUNA further mined the study to break out the costs of regulations by state, and, now, by credit union. The Regulatory Burden Calculator and more information about the regulator burden study is available here.
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 103 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.