Join CUNA Study to Fight Regulatory Burden

Join CUNA Study to Fight Regulatory Burden

We all know that regulatory burdens are imposing huge and rising costs on credit unions. The trouble is, no one has an accurate picture of what those costs amount to. To rectify this, CUNA recently commissioned a study by Cornerstone Advisors to document the costs imposed on credit unions by regulations.

The study will develop a rigorous estimate of the total costs to credit unions of regulatory burden. CUNA and the Northwest Credit Union Association will use that information to advocate on your behalf before state and federal lawmakers and regulators to reduce regulatory burden.

This first-ever complete and rigorous catalogue of regulatory costs will be a vital tool in rolling back regulatory bur

den. The first phase of the study, a deep dive analysis of three credit unions of different sizes, is now complete, and CUNA is inviting you to participate in Phase II.

Phase II includes a comprehensive regulatory burden survey based on what was learned in the first phase. The survey will gather information about increased expenses, lost revenue and lost productivity across all areas of the credit union. It is intended to provide the detailed information and analytical rigor needed to make a compelling case to regulators and lawmakers.

As a result, CUNA is asking participants to invest as much as two business days to gather data to complete the survey. They recognize this will require quite a bit more time than a normal survey would, but believe your participation will provide a significant long-term benefit to your credit union, your members and the broader credit union system.

CUNA will provide significant support and some extra benefits to credit unions participating in the survey. There wi

ll be a pre-survey webinar during which Cornerstone Advisors staff will describe the data gathering process and answer your questions, before you commit to the project. Then, participating credit unions will receive a complete set of instructions on data collection and will have access to telephone support from Cornerstone Advisors while filling out the questionnaire.

In addition, after the survey data has been compiled, participants will receive a custom regulatory burden scorecard that compares your financial impacts to those of other respondents within the same asset range. Also, Cornerstone Advisors will host an exclusive free webinar for survey participants to review survey findings and to discuss how high performers are handling the regulatory burden and sharing best practices.

If you are interested in more information, please send an email to RegRelief@cuna.coop and they will follow up with information about the introductory webinar — which will be held next Wednesday, July 15. If you have any questions, please contact CUNA’s Chief Economist and Chief Policy Officer Bill Hampel at bhampel@cuna.coop.

Webinar Details:

No prior registration is required to attend the webinar, simply enter your name after launching the link. You can listen through your computer, or use the following conference call information:

  • Phone number: 1.877.702.9041
  • Participant Passcode: 619707

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org

Posted in CUNA, Events.