WASHINGTON (12/4/13)--Credit unions may be interested in the results of a new regulatory burden study, despite the fact that they were not among the survey respondents. The Consumer Financial Protection Bureau study, which was released last week, is examined in this week's Credit Union National Association Regulatory Advocacy Report
The CFPB study examined the operations of certain regulations for banks, in order to understand the day-to-day activities they perform to comply with regulations. The study focused on seven banks, with asset sizes from less than $1 billion to more than $100 billion. No credit unions were included in this study.
The study specifically focused on regulations that apply to retail checking accounts, savings accounts, debit cards, and overdraft services. More than 200 bank employees and executives were interviewed by the CFPB.
Through completion of the study, the CFPB said it hoped to:
Build knowledge about the extent and sources of compliance costs that may be associated with regulations that the bureau inherited;
Improve the bureau's and the public's abilities to describe and measure costs to comply with existing or potential new regulations; and
Refine the bureau's and the public's abilities to identify meaningful opportunities to reduce or avoid imposing unnecessary operational costs.
CUNA has urged the agency to consider the regulatory burdens and costs associated with each regulation that the bureau promulgates and that impacts credit unions. CUNA hopes the CFPB will consider cost implications for credit unions as part of such studies going forward, CUNA Deputy General Counsel Mary Dunn said.
Other issues addressed in the Regulatory Advocacy Report
The National Credit Union Administration's letter to credit unions on the new credit union service organization rule;
A CFPB action against a payday lender; and
The Federal Housing Finance Agency's announcement of 2014 loan limits.
A resource chart with information on current CUNA comment calls is also provided in the Report
For this week's Regulatory Advocacy Report
, CUNA members can use the resource link.