Credit unions can employ a new tool to calculate the costs of regulation on their companies.
The Credit Union National Association (CUNA) launched a Regulatory Burden Calculator that is free to member credit unions, the agency said in a Wednesday news release. The tool will allow credit unions to replicated CUNA’s recently commissioned study that examines the financial impact of regulatory burdens for the financial institution.
According to CUNA, regulations cost the credit union industry $7.2 billion nationally, including $6.1 billion in regulatory costs and $1.1 billion in lost revenue. These costs represent a cumulative increase of more than $2.8 billion in financial impact for credit unions since 2010, an increase the study found has disproportionately affected smaller credit unions.
"CUNA commissioned a regulatory burden study to quantify the effect that rules and regulations have had on our credit union members, and we created this new tool to meet the further needs of our members," CUNA chief policy officer Bill Hampel said in the release. "Credit unions want to better understand the impact of regulations on their credit unions, and now we’ve made the data available at their fingertips."
CUNA commissioned financial services consulting firm Cornerstone Advisors to examine the costs of regulatory burden for nationwide credit unions for 2014. The Regulatory Burden Calculator and further information about the regulator burden study is available
