CUNA launches grassroots campaign to 'ease the burden'
Excessive regulatory burden has already cost credit union members more than $7.2 billion, and CUNA’s latest grassroots campaign urges those members to tell policymakers to “Ease the Burden.” CUNA launched this latest phase of its Member Activation Program (MAP) Thursday in order to educate and activate America’s 105 million credit union members.
“We have two main goals for this campaign,” said CUNA president/CEO Jim Nussle. “First, we want to educate credit union members on how burdensome regulation impacts them directly and activate them to contact lawmakers and regulators with a message of reducing the regulatory burden on credit unions. Second, through this member activation, we want to educate Congress--and eventually regulators--on the harm to credit union members, consumers and constituents caused by undue and misplaced regulation of credit unions and their member-owners.”
CUNA’s new website, www.easetheburden.com, gives credit union members an opportunity to contact their elected officials to inform them of the costly burdens credit unions are facing. Members can use the form letter or edit it with specifics and send it to their senators and representative with a few clicks.
The site also offers interactive graphics that show state-by-state regulatory burden costs, as well as a form for credit union members to tell their own story about the negative effects that come with regulations placed on credit unions.
Nussle also urged credit union members to check out CUNA’s groundbreaking regulatory burden study.
The study found:
- Since 2010, total regulatory costs for credit unions have increased 39% to $6.1 billion;
- Credit unions have lost $1.1 billion in revenue due to regulatory costs; and
- Out-of-control federal regulations have led to a staggering $7.2 billion total impact on credit unions.
In addition to CUNA’s recent regulatory burden study, it conducted a survey asking what credit unions would do if these lost costs were returned to credit unions. The top two responses were that credit unions would provide lower rates on mortgages and higher interest rates on deposits.
“Instead of Congress and federal regulators focusing on the real problems with Wall Street and the big banks in the aftermath of the financial crisis, they created an expensive new regulatory environment that hurts credit unions on Main Street and the members who own them,” said Nussle. “We need to make sure our members know how much policymakers missed the target when they tried to reform Wall Street. Their ill-conceived new regulations place a heavy burden on credit unions and, in fact, are hurting the very consumers they were designed to protect.”
This week CUNA released a calculator tool intended to allow credit unions to calculate the cost of regulatory burden on their institution.