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July 15: Credit Unions Asked to Participate in Regulatory Burden Survey, Webinar

Credit unions in Missouri are asked to participate in a comprehensive regulatory burden survey. On July 15, there will be a pre-survey webinar during which Cornerstone Advisors staff will describe the data gathering process and answer your questions before you commit to the project. 

The Credit Union National Association (CUNA) will provide significant support and extra benefits to credit unions participating in the survey. Participating credit unions will receive a complete set of instructions on data collection and will have access to telephone support from Cornerstone Advisors while filling out the questionnaire.

"We recognize this will require quite a bit more time than a normal survey would," says Jim Nussle, CUNA President and CEO. "We believe your participation will provide a significant long-term benefit to your credit union, your members, and the broader credit union system."

Several months ago, CUNA commissioned a study by Cornerstone Advisors to document the costs imposed on credit unions by regulations. The goal of the study is to develop a rigorous estimate of the total costs of regulatory burden. CUNA and the Missouri Credit Union Association (MCUA) will use that information to advocate on your behalf to state/federal lawmakers and regulators to reduce regulatory burden. CUNA believes this first-ever complete and exhaustive catalog of regulatory costs will be a vital tool in rolling back regulatory burden. The first phase of the study, a deep analysis of three credit unions of different sizes, is now complete, and we are inviting you to participate in Phase II.

This comprehensive regulatory burden survey has been developed based on what was learned in the first phase. The survey will gather information about increased expenses, lost revenue, and lost productivity across all areas of the credit union. It is intended to provide the detailed information and analytical rigor needed to make a compelling case to regulators and lawmakers. As a result, participants are asked to invest as much as two business days to gather data to complete the survey. 

In addition, after the survey data has been compiled, participants will receive a custom regulatory burden scorecard that compares your financial impacts to those of other respondents within the same asset range. Also, Cornerstone Advisors will host an exclusive free webinar for survey participants to review survey findings and to discuss how high performers are handling the regulatory burden (i.e., best practices, etc.).
 
If you are interested in more information, please contact CUNA via email. They will send a follow-up email with information regarding the introductory webinar on Wednesday, July 15. If you have any questions, please contact Bill Hampel, CUNA’s Chief Economist, via email.