MINNEAPOLIS-Credit unions should brace for increased compliance challenges in the new year.
"It's almost like there is a perfect storm here. You've had the economy, the foreclosures and the impact on the consumer. You have politics in many cases driving this," said Edward Kramer, executive VP of regulatory programs at Wolters Kluwer. "Everyone is jumping on the bandwagon to come up with consumer protections and in some cases the good banks and good CUs that have been doing a good job all along are going to pay a price."
Legislators and the Fed have already passed new regulations on credit cards and overdraft protection; bills creating a new consumer protection agency and additional overdraft rules are likely to be passed by the first half of this year.
