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CUNA assesses Dodd-Frank regulatory burden for CUs
WASHINGTON (8/23/10)--Although some credit unions officials who have been anticipating about 200 new rules to come out of the recently enacted Dodd-Frank regulatory reform law may find little comfort in this number, the Credit Union National Association has culled through the act’s 2,000 pages and found the number of whole, new rules that affect credit union may be closer to 35. Even an investigation as careful and thorough as CUNA’s, however, cannot at this time reveal a precise number, says the group’s deputy general counsel, Mary Dunn, because the law is complex, some of its language is vague, and the regulatory process itself generally takes twists and turns that may consolidate or add rules. CUNA has produced a comprehensive chart, to appear in its members-only, bi-weekly publication, Credit Union NewsWatch Aug. 23, that delineates the sections and provisions of the new law that most affect credit unions and specifies any known, upcoming rulemaking dates. There are sections on debit interchange fees, consumer protection laws, new requirements for mortgage lending and disclosures, and payments and settlement, and more. “As the Dodd-Frank law is activated through the rulemaking process, rest assured CUNA’s chief objectives will be to fight for interchange income and protect against undue regulatory burden--as much as we possibly can,” Dunn pledged. For CUNA members not yet subscribers, use the resource link below to sign up for your free online subscription of Credit Union NewsWatch to begin with the Aug. 23 issue. The issue will be available after noon eastern time. Also, sign up for CUNA’s two-part audio conference on regulatory reform issues.


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