WALLINGFORD, Conn.-"The regulatory burden will become more onerous, which is unfortunate. It is already for all size CUs," noted Tony Emerson, president of the Credit Union League of Connecticut. "Each and every one of those bills has certain compliance requirements that are going to mandate CUs increase compliance, change operations or present logistical challenges."
Credit unions are starting to prepare, as evidenced by the record turnout at a recent Connecticut league session that focused mostly on compliance; more than 125 individuals showed up for the one-day event. Emerson noted that the league is now putting together a six-month compliance program that will run from February through July.
"We think it is important to provide forums like our compliance school to help CUs get ahead of the issues," he said. "The compliance burden in and of itself is expensive. It's a double whammy when the smaller credit unions have to pay for it, [so] CUs under $20 million will be able to attend this entire program free of charge."
