- MEMBER ENGAGEMENT
Curious about what issues may impact credit unions? Looking to get involved? We’re here to help!
Regulatory Advocacy is a proactive approach to regulatory change. Regulatory compliance is a critical concern for credit unions. Credit unions are subject to state and federal regulations that govern the full range of their operations. In addition to the two primary credit union regulatory bodies, credit unions must be well informed about the regulations promulgated by a wide variety of other governmental organizations. Our Regulatory Advocacy staff is committed to establishing and maintaining effective working relationships with regulators to ensure credit unions’ issues and concerns are heard by both state and federal regulators.
The regulatory team keeps credit unions informed of the latest proposed rules and regulations and their potential impact on credit unions, and provides comments to regulatory agencies to help shape regulations and lessen the compliance burden. The regulatory team goes far beyond reporting on new initiatives, however, by taking a role in assisting credit unions, through working with regulators to build a regulatory environment that will benefit and protect credit unions and their members. Anticipating regulatory change, promoting dialogue between credit unions and regulators, interpreting existing regulation, and acting as an advocate for credit unions in regulatory forums are vital services delivered by the League.
Staff gathers information from credit unions in order to formulate regulatory policy and respond to regulatory proposals. Staff members maintain working relationships with the state regulators and NCUA board members, as well as the NCUA regional office.
CUNA commissioned a study to see the real impact of regulatory burden on credit unions. The study found that credit unions are seeing a $7.2 billion financial impact. Below are resources to help you better understand the impact and the study.
The LSCU works in conjunction with CUNA to keep credit unions through Alabama, Florida and Georgia credit unions informed about the most important changes happening in Washington that impact them.