By Erin O’Hern
It’s often been said that, over the last few years, the financial industry has experienced the greatest regulatory change since the Great Depression. The Dodd Frank Wall Street Reform and Consumer Protection Act not only required new regulatory restrictions, it also created a new agency—the Consumer Financial Protection Bureau (CFPB)—to study issues impacting consumers and write new regulations. The CFPB comes as an addition to existing regulatory agencies such as the National Credit Union Administration (NCUA) and State Supervisory Authorities (SSA) that are also endowed with certain rule making authority. In order to ensure a sustainable future in these times of regulatory change, it is crucial that regulators hear the credit union perspective.
Finding the necessary resources to address proposed rules in this regulatory environment can be a challenge, especially as credit unions are already weighed down with implementing final rules. However, the significant impact that the proposed rules could have on the long-term growth and direction of the credit union does not allow them to be ignored. Trade associations can help your voice be heard and ease the burden imposed on credit unions.
