The California and Nevada Credit Union Leagues have launched PowerComment, an interactive online tool that will help credit unions in the two states to simply and quickly express their compliance concerns to regulators.
PowerComment.org will allow credit unions to:
- Find up-to-date and easily digestible information on proposed rules. This feature provides a summary of pending regulations and helps identify potential financial, operational, and member service impacts of proposed rules.
- Participate in discussions to increase their understanding of proposed regulatory rules. Users can ask fellow PowerComment users or League staff questions related to current proposed rules.
- Write a comment letter to regulators and immediately submit it.
“In this challenging regulatory environment, we are pleased to launch PowerComment, a tool that will allow credit unions to voice their concerns and comment on proposed rules,” said Leagues Vice President of Regulatory Advocacy, Sharon Lindeman. “We want to encourage credit unions to comment on proposed rules, and make it easy for them to do so, in an effort to minimize the impact of final regulations. When we spend the time up front and comment on proposals, we can help shape the rules and try to stop overly burdensome directives later.”
Dave Gunderson—president and CEO of Credit Union of Southern California in Whittier, CA and chairman of the Leagues’ Regulatory Advocacy Committee—echoed Lindeman’s thoughts: “Unquestionably, new regulations can significantly detract from or enhance our ability to provide more value to members. PowerComment is a powerful tool that gives us the platform to conveniently voice recommendations and concerns before proposed regulations are made final and we have to comply with them.”
With headquarters in Ontario, CA, the California and Nevada Credit Union Leagues are the trade associations representing the interests of more than 400 credit unions in California and Nevada, and their 10 million members. For more information, go to www.ccul.org.