...because of regulatory concerns
Part one in a
series about the value of League membership
One of credit unions’ top concerns is
preserving a regulatory environment that protects members without
inhibiting credit unions’ ability to deliver services and
Your League monitors both state and federal
rules and regulations from when they’re first proposed through
their implementation, using input from credit unions to shape the
specific requirements credit unions must follow under the law. Together we accomplished a lot on the regulatory front in
2011. For example, we:
- Preserved an exemption from the interchange fee cap for
Wisconsin credit unions. We continue to monitor merchant
practices to ensure the carve-out is applied. We also continue to fight
for additional income to fairly reimburse credit unions for their
disproportionate cost burden related to fraud and fraud prevention.
- Analyzed hundreds of pages of rules and
regulations. On your behalf, League staff spent hundreds of
hours in 2011 monitoring the proposals that state and federal regulatory
agencies were drafting or updating to identify and communicate
opportunities for improvement.
- Coordinated responses to regulatory comment calls.
By providing coordinated feedback through CapWiz, credit unions
ensure that regulators consider the practical aspects of implementing
rules and regulations – including risks, costs, human resources
and more – before they are finalized.
- Forged relationships with agency staff.
League staff and credit union representatives met regularly
with regulators and examiners so that – by addressing their
concerns and intent – we could better shape our input on
- Formed a Regulatory Advocacy Council. An advisory
group representing a cross section of credit union sizes, communities,
product offerings and fields of membership now provides
input and feedback to help communicate the complexities and
operational impact of new regulations as part of The League’s
comment call responses.
- Strengthened our platform for regulatory advocacy.
We collaborated with partners like CUNA, CUNA Mutual Group and others to
ensure a broad knowledge base from which to affect the regulatory
"Credit unions can minimize their regulatory
burden by working together through The League to provide regulators
front-end input – practical insights to help them implement the
law through rules and regulations," said Jo Whiting, The League's
Executive Vice President/Chief Advocacy Officer. "This input has grown
in importance as regulators have felt greater pressure to ensure the
soundness of financial institutions – but at the same time they
have added substantial regulatory burdens that can undermine credit
unions’ ability to serve their members. When we speak together, we
have a much better opportunity to be heard."
Watch League News for more about what we
have accomplished together in 2011 as a united League. The League's
homepage links to all of the articles in our series.