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Reg burden for CUs focus of attorneys
WASHINGTON (8/12/08)—The Credit Union Committee of the American Bar Association (ABA) has agreed to take on a new assignment this year—a review of the regulatory burden of credit unions. The ABA credit union unit is comprised of several subcommittees which focus on specific issues, such as supervision, operations, electronic services, and corporate governance. Those subcommittees will start this Fall to take a comprehensive look at the regulatory responsibilities of credit unions and develop recommendations to ease the burden. "We all know that credit unions are operating under tremendous regulatory responsibilities and that are ever-increasing,” said committee chair Mary Dunn, who is deputy general counsel for the Credit Union National Association (CUNA). “Credit union attorneys want to do our part to take a look at this burden and develop important recommendations on how to lighten the load," Dunn said. Faith Anderson, vice president and general counsel of American Airlines FCU and vice chair of the ABA credit union committee, added, "The committee's members discussed a wide range of issues but the dominant theme was that there are too many new rules we all have to contend with. “The credit union bar wants to be part of an effort to help contain regulatory growth." Other topics the committee addressed included a review by National Credit Union Administration (NCUA) Associate General Counsel John Ianno on current and upcoming NCUA issues, a discussion of examination issues by NCUA's John Kutchey, compliance for remote deposit capture items by attorney Brian Witt, and Fair Credit Act reporting issues from attorneys Andrew Keeney and Lysa Simon. Dunn said the fair credit reporting presentation focused on credit unions' responsibilities under the Fair Credit Reporting Act to report accurate information to consumer reporting agencies, conduct prompt investigations when there have been a dispute and correct information reported erroneously. It was noted that a number of lawsuits have been brought against financial institutions regarding alleged mistakes in reporting debts charged off in bankruptcy and that credit unions should make sure they are in compliance with credit reporting requirements. The Credit Union Committee met this weekend in New York concurrent with the ABA's annual meeting there. The next meeting of the committee will be in conjunction with CUNA's Attorneys Conference in Charleston September 22.


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