CUNA Study to Document $6.6 Billion Regulatory Burden Costs

With a primary focus on removing barriers so credit unions can focus on growing memberships, the Credit Union National Association commissioned an extensive study to document just how expensive the regulatory burden is for credit unions.  The answer: nearly $7 billion.

The study, begun in April by Cornerstone Advisors, is due to be released in December; however, attendees to CUNA’s membership webinar November 12 received a top line report by Bill Hampel, CUNA’s Chief Policy Officer.

Hampel says the study will determine both increased compliance costs–$5.5 billion– and missed revenue opportunities of $1.1 billion. He reported the study will be seminal in informing and educating credit unions, Congressional representatives, state legislators and regulators.

CUNA leadership also forecasted the federal advocacy season ahead, including this week’s anticipated release of a Field of Membership proposal providing “significant access” to more members and communities.  Because the FOM proposal is expected  to draw the ire of the bank lobby, CUNA prepped member credit unions to have their employees, boards and other advocates weigh in with supportive comment letters.

CUNA President/CEO Jim Nussle shared three “asks” of members:

  1. Join the Member Activation Program (MAP) which provides a roadmap for members to engage in advocacy.  Nussle said engagement through MAP could “shake the dome on capitol hill” and said 259 credit unions are now participating. Nussle cited an example of MAP advocacy in which members and employees of 70 credit unions generated over two million messages to Congress about data breach.
  2. Attend key face-to-face advocacy events including CUNA GAC and state legislative lobby days.
  3. Tell the credit union story.

“I hope you will take advantage of all the things we’re offering, and I hope you will engage,” Nussle said.

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

 

Posted in Advocacy News, CUNA.