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PowerComment Helps Credit Unions Answer Comment Calls

Missouri credit unions can now weigh in on comment calls using a new national online regulatory advocacy resource - PowerComment.  Credit unions have the ability to email regulators directly through PowerComment.

Proposals on the National Credit Union Administration’s (NCUA) federal credit union ownership of fixed assets proposal and the Consumer Financial Protection Bureau’s (CFPB) regulation of Home Mortgage Disclosure Act Regulation C are posted for comment.  Comments are due to NCUA on October 10 and the Consumer Financial Protection Bureau (CFPB) on October 22. Comments are requested to CUNA by October 1 and October 8 to the Credit Union National Association (CUNA) online site.

These are just two of the five proposals now available for comment on PowerComment.

“This simplifies the process for making comments on regulatory issues,” says John Thomas, Missouri Credit Union Association SVP of Regulatory Compliance.  “In the face of growing regulatory requirements, it’s more important than ever for credit unions to share concerns with proposals.  The hope is by making the process easier, more credit unions will be able to comment.”

The site, which is exclusive to CUNA-affiliated credit unions, counts down the number of days left in the comment period, indicates which regulator proposed the regulation, the date the regulation’s was published, 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 username and password.

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