Online Tool to Communicate Credit Union Compliance Concerns Rolled Out

A turnkey resource allowing credit unions to track regulatory proposals and share concerns directly with regulators is now available online. PowerComment was unveiled at the American Association of Credit Union Leagues (AACUL) conference in Chicago last week.

Described as “a highly interactive online resource,” PowerComment was developed by the California and Nevada Credit Union Leagues, and is being offered nationally by CUNA. It allows all CUNA-affiliated credit unions to write and immediately submit comment letters on regulatory proposals directly to the National Credit Union Administration (NCUA), the Consumer Financial Protection Bureau (CFPB) and other federal and state regulators.

The Northwest Credit Union Association was among seven leagues to test the resource during the development phase.

“PowerComment allowed us to easily track regulatory proposals, get insight from colleagues and write effective comment letters,” said NWCUA President and CEO Troy Stang. “The analysis and reminders are another benefit that helped us successfully manage our time in an efficient manner. PowerComment is an additional resource in the credit union toolbox that we look forward to seeing available to a broader audience.”

“This is the power of the CUNA-League System at its best,” remarked CUNA Executive Vice President & General Counsel of Regulatory Affairs Eric Richard. “CUNA is pleased to leverage the great of work the California and Nevada Credit Union Leagues to effectively deliver credit union comments back to the regulatory agencies.”

With PowerComment, credit unions are able to review proposed rules and potential impact, as well as ask questions of colleagues about those proposals. In addition, it allows access to comment letters filed by other credit unions and leagues.

“By speaking up at the beginning of the process, credit unions can help shape the rules, as well try to stop overly burdensome directives,” said California and Nevada Credit Union Leagues President and CEO Diana Dykstra.

More information about PowerComment is available through CUNA, at PowerComment@cuna.coop.

Questions about this story? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

Posted in Advocacy News, CUNA.