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Since 2008, credit unions have been subjected to more than 240 regulatory changes from at least 15 federal agencies. Whether implementing new rules or navigating existing regulations, your credit union has a story to tell.

In January 2016, a CUNA study showed that regulatory burdens cost U.S. credit unions $7.2 billion in 2014. The $7.2B represents $6.1 billion in regulatory costs and an additional $1.1 billion in lost revenue. In California and Nevada, that cost equated to $78 and $77 respectively, per member.

In addition to compliance costs, credit unions sometimes must choose to eliminate or reduce availability of certain products and services. When credit unions stop or cut back products and services, consumers are harmed through higher costs and fewer choices in the market place.

When speaking with Congress and Regulators we need to provide them with specific testimonials, numbers, stats and figures on how a proposed or existing regulation impacts your ability to serve your members.

Help us tell your story to the Regulators and to the California and Nevada Congressional Delegations.

Below you will find a blank form. Please describe, in as much specific detail as possible, how a rule, regulation, or compliance challenge has (or will) impact your credit union and membership.

*Please note, this is not a “one time” use page. As examples continue to arise, think of this as your therapy database for regulatory overreach. Please feel free to have your staff and team provide detailed information about the impact of regulations on your credit union and members

Credit Union
Location (headquarters city)
Members (rounded)
(ctrl click to select any that apply)

What is the impact? Your comments, concerns, etc.*


*Examples (the more detail the better).

"We stopped offering remittances because the rule was too complicated, the risk and liability too high, and the cost was too high for membership. Cost per transaction went up $15 per, because 6 employees needed to be involved per transaction (not counting compliance and risk officers) and the time to process a transaction increased by 45 minutes. The rule priced our product, previously $25.95, up as high as $45.50 and thus priced out of the market. The fear of being sued over a difference of less than $1 has made us too vulnerable."

"Before the TRID rule, escrow to closing for typical mortgages was 30-35 days. Today it is 60-70 days. Our members routinely complain about the delay, as they now find themselves in between homes as one closed before completing the sale on the new purchase loan. In one instance, an electrician moved his family into a short-term residential hotel because the closing didn’t overlap properly. This is all because of the TRID rule. This working class family incurred additional expense. The credit union was also forced to raise our closing fee by 12-15% to comply with the new rule."

"To ensure our payday alternative loans plan would be in compliance, we have hired an auditor at a cost of $3,000 a month to ensure we never fall out of compliance. Our examiner has noted we can and should increase our fee to offset the cost, but we hold back as a service to our member."