- MEMBER ENGAGEMENT
Curious about what issues may impact credit unions? Looking to get involved? We’re here to help!
Participating in regulatory change means taking part in the formal comment process mandated by state and federal law. Comment letters (derived from your input on regulatory action items) summarizing the position of our tri-state credit unions and incorporating LSCU’s concerns are prepared so state and federal regulators will hear our unified voice.
When a regulator issues a proposal, there is a period of time set aside (usually 30-90 days) when the regulator encourages credit unions to offer comment. When the comment period ends, the regulator reviews submitted letters and determines if any changes should be made before issuing a final rule.
On behalf of our tri-state credit unions, the LSCU sends dozens of comment letters every year to regulatory agencies regarding the unnecessary hardships proposed rules pose, as well as unintended consequences. Comments from the LSCU are often incorporated into the final versions of proposed rules, thereby helping to lessen compliance burdens for credit unions.
When preparing a formal comment letter for submission to a regulatory agency, consider the following: