WASHINGTON — Credit unions are in pretty good shape despite the flood of regulations that continues to wash over the industry, including the new qualified mortgage rules from the Consumer Financial Protection Bureau.
That's the take from Andy Greenawalt, CEO of Continuity Control, a New Haven, Conn.-based provider of compliance technology to about 160 financial institutions, including about 65 credit unions.
"Credit unions are largely in fine shape," Greenawalt said Tuesday in an interview with Credit Union Times at the Governmental Affairs Conference. "Because of their capital structure, they have so many constraints imposed on them, they couldn't get themselves in too much trouble."
Greenawalt's business is helping credit unions stay in compliance and he said the new QM rules by the CFPB haven't made that much impact on the quarterly flow of regulatory changes that his company's software and staff of former examiners and other compliance experts track, analyze and automate.
"The big challenge we see really coming out is the (credit union) examination community's frustration with the absence of a systematic way of handling these changes," Greenawalt said.
"And as regulatory pressure mounts, we also see a desire on behalf of all agencies for the NCUA to normalize like all the others, which also will raise the bar on well credit unions manage this process," he said.
"Last quarter there were 65 regulatory changes across 5,000 pages, and that's typical, really," Greenawalt said. "But maybe we make less a deal of it than people who charge by the hour."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
