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Top 10 Regulations That Need Attention Now

It is not one single regulation, but multiple regulations from numerous agencies that are negatively impacting credit unions.

By B. Dan Berger | Updated on March 08, 2015
dan berger, nafcu, regulatory burden

 The regulatory burden on credit unions can best be described as death by a thousand cuts. It is not one single regulation, but multiple regulations from numerous agencies that are negatively impacting credit unions.

The burden has had a dramatic effect on the industry. Since 2007, the number of credit unions has dropped by 22%, or more than 1,700 institutions.

This burden is further exacerbated by the gross underestimation of cost and time required to comply with the regulations. A March 2013 survey of NAFCU’s membership found that over 55% of credit unions believe compliance time and cost estimates from the NCUA and the Consumer Financial Protection Bureau are inaccurate, and often drastically understate the actual time and costs that credit unions expend to comply with regulatory requirements.

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