Dollar: More Regs To Come
Former NCUA Chairman Dennis Dollar championed fewer regulations while at the agency, but he still sees no end to the number of new regs with which CUs will have to comply.
Speaking to NASCUS' annual meeting, Dollar cautioned that "despite greater regulatory flexibility being allowed for well-managed credit unions at the state and federal levels, you will see more laws, regulations and compliance costs associated with privacy, PATRIOT Act, Bank Secrecy Act, Check 21, identity theft, and money laundering."
"And as you know some of these are in conflict with one another," said Dollar, noting that on one hand credit unions are "supposed to know their member" when it comes to PATRIOT Act and BSA, and at the same time, privacy laws require greater protections that run counter to those other demands.
Like others speaking to the meeting, Dollar acknowledged he had no answer to the conflicting messages.