WASHINGTON – Handling overregulation is right up there on many credit unions' top concern lists alongside attracting younger members and competing with large payment companies – and it was a hot discussion topic at this month's America's Credit Union Conference and World Credit Union Conference in Denver.
"We're just overregulated…something fierce, in my opinion," Mike Williams, president/CEO of the $131 million Colorado Credit Union in Littleton, Colo., said at the conference.
According to NAFCU, complying with new regulations that have emerged in the last five years has reduced the industry by 17%. NAFCU sent a letter to the chairman and ranking members of the Committee on Banking, Housing and Urban Affairs Senators Richard Shelby (R-Ala.) and Sherrod Brown (D-Ohio) this month to address its concerns.
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