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Washington
HMDA, fixed-assets proposal now loaded on PowerComment
WASHINGTON (8/15/14)--The Credit Union National Association has released the first two comment calls with PowerComment, a new online regulatory advocacy resource.
 
This week, CUNA added proposals on the National Credit Union Administration's (NCUA) FCU ownership of fixed assets proposal and the Consumer Financial Protection Bureau's (CFPB) regulation of Home Mortgage Disclosure Act Regulation C.
 
CUNA also is soliciting comments on another five proposals currently listed on PowerComment. Credit unions have the ability to email regulators directly through PowerComment.
 
The site, which is exclusive to CUNA-affiliated credit unions, counts down the number of days left in the comment period, which regulator proposed the regulation, the regulation's publish date and the progress of any letters a credit union has started in the system.
 
PowerComment also includes a discussion board for each rule to give credit union staff the ability to talk about the rules with other credit unions.
 
Users can access PowerComment with their cuna.org username and password.
 
CUNA and California and Nevada Credit Union Leagues partnered to develop the tool, which helps users efficiently generate and submit letters to regulatory agencies, including the NCUA and CFPB.
 
In announcing the compliance tool at CUNA's Governmental Affairs Conference in February, CUNA General Counsel Eric Richard said, "We know credit unions feel like the onslaught of regulation in recent years is one of the greatest headwinds facing the future of our movement. And we know credit unions want to do what they can to help shape the regulations. PowerComment will help credit unions take action in the regulatory arena" (News Now Feb. 25).
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