WASHINGTON–In 2014 CUNA conducted an extensive study that found the cost to credit unions of regulations is $7.2 billion annually. Now it plans to update that number.
“We’re getting ready to redo that study to see what the new numbers are and whether the cost of the regulatory burden has gone up since 2014,” said CUNA’s chief policy officer, Bill Hampel. “In addition to the information we collected last time, in response to some requests we have received from policymakers, we are going to break up the costs related to the (specific) regulations’ costs.”
Hampel said CUNA is now reaching out to credit unions that participated in the first study, while also inviting new CUs to participate. It plans to host a webinar that will explain how to conduct internal costs analysis to the participating CUs. Upon conclusion, all participants will receive their own individual report for costs at their credit unions, as well as a comparison to peers.
Hampel said the study should be finished by the fall.