Jan. 14, 2013 – NAFCU President and CEO Fred Becker says the pace of new regulations, which translate into new burdens for credit unions, will reach “epic” proportions in 2013 and offers tips on how to manage these in a recent column in Credit Union Journal.
Becker says credit unions have three things going for them amid this regulation explosion:
- Growth through innovation: Credit unions are reaping the rewards of new membership spurred by increased awareness of what the cooperatives have to offer to consumers; Becker says now is the time to leverage those new relationships.
- Data-driven improvements: Nearly everything is measurable. Regular member feedback is vital to identify new product or service needs, prevent future problems and ensure members are well-served.
- Steadfast advocacy: The steady stream of new regulations requires constant vigilance, and credit unions must review legacy processes and implement effective change-control procedures “sooner rather than later.”
The NAFCU president also discusses the association’s work with the CFPB to help mitigate the impact on new regulations on credit unions, which are still the most heavily regulated depository institutions. Becker notes the association’s success in slowing the pace of new rules from NCUA and winning delayed implementation deadlines. More online.