CUNA announced Monday a partnership with the California and Nevada Credit Union Leagues on the development of a new tool for credit unions to share their feedback on regulatory issues and proposals with federal agencies.
The resource, PowerComment.org, is currently being tested by seven credit union state leagues and is expected to be available to all members later in the year, said CUNA.
“PowerComment helps explain all proposed rules issued by regulators, and helps individuals determine how those rules may affect their credit union. The website, which will be available exclusively to CUNA-affiliated credit unions, also provides a discussion board so that credit unions can discuss any questions or concerns with other members,” CUNA said in a press release on Monday during the trade organization's Governmental Affairs Conference.
PowerComment will also help credit unions draft and submit letters to federal regulatory agencies, including the NCUA and CFPB.
PowerComment will allow users to comment on how a proposed regulation will affect their credit union's operation and its members, submit questions to fellow credit unions or leagues, view comment letters submitted by other users and write their own.
“We know credit unions have faced the onslaught of regulation in recent years as one of the greatest headwinds facing the future of our movement,” said CUNA Executive Vice President and General Counsel Eric Richard.
“We know credit unions want to do what they can to help shape the regulations. PowerComment will help credit unions take action in the regulatory arena,” Richard said in the release.
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