NEW: CUNA to launch unique survey examining CUs' post-Dodd-Frank compliance costs
WASHINGTON (2/12/15, UPDATED 10:20 a.m. ET)--CUNA has commissioned a comprehensive study and fact-based analysis of the compliance costs credit unions face due to the heavy burden of regulation. Wally Murray, president/CEO, Greater Nevada CU, Carson City, Nev., announced the CUNA initiative in his testimony on regulatory relief at a Senate Banking Committee hearing this morning.
"I have heard many times from members of Congress and regulators that they are looking for more data about the cost credit unions are forced to bear related to regulatory compliance," said CUNA President/CEO Jim Nussle.
"While the study has been in the works for a while, at a Senate Banking Committee hearing Tuesday, several senators repeatedly asked a panel of banking regulators and NCUA's Larry Fazio about regulatory costs. No one had a good answer. So we thought Wally's testimony offered the perfect opportunity to make our announcement."
CUNA has engaged Cornerstone Advisors, Inc. to review operational, strategic, financial and member impacts and costs of regulations that have come in the post Dodd-Frank Act era. Cornerstone is a nationally recognized management consulting firm that specializes in the financial services industry. For the past 15 years, the Cornerstone team has been researching and delivering leading industry benchmarking studies for both credit unions and banks.