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About The League

Image  ...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 grow.

 

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 2012. For example, we:

  • Analyzed thousands of pages of rules and regulations. On your behalf, League staff spent thousands of hours in 2012 monitoring the proposals that federal regulatory agencies were drafting or updating to identify and communicate opportunities for improvement.

  • Sought guidance from the League's Regulatory Advocacy Council. An advisory group representing a cross section of credit union sizes, communities, product offerings and fields of membership provides input and feedback to help communicate the complexities and operational impact of new regulations as part of The League’s comment call responses.  

  • Submitted comment letters on behalf of Wisconsin credit unions. In conjunction with the Regulatory Advocacy Council, we drafted comment letters to federal agencies urging them to lighten credit unions' regulatory burdens, to account for the differences between credit unions and other financial institutions, and to recognize the cost to credit unions and their members whenever there are regulatory changes or new requirements.

  • Coordinated credit union responses to regulatory comment calls. By coordinating and submitting feedback through CapWiz, The League ensures that regulators consider credit union input on 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 regulatory issues.

  • 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 process.  

"It's more necessary than ever that we remain vigilant to minimize credit unions' regulatory burden by working together through The League to provide regulators front-end input. They need our practical insights to help them recognize how hard credit unions are working for their members and how much of a toll increased regulation takes," said Jo Whiting, The League's Executive Vice President/Chief Advocacy Officer.

"Our 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 2012 as a united League. Our entire article series is being archived as it unfolds at www.theleague.coop/membershipmatters.


 


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