LEAGUES LAUNCH 'POWER COMMENT'
updated 05/14/13 10:08 AM
Online Tool Gives CUs Powerful Voice
The California and Nevada Credit Union Leagues have launched PowerComment, an innovative and comprehensive online advocacy tool geared to assist every credit union in California and Nevada take an active role in helping shape proposed federal and state regulations.
PowerComment is the Leagues’ response to the uptick in volume, complexity, and frequency of new rules and proposed amendments inundating the credit union industry.
“We’ve been hearing from credit unions about their struggles with regulatory burdens,” said Sharon Lindeman, vice president of regulatory advocacy for the Leagues. “The Leagues write comment letters on proposed rules to help mitigate those burdens, but it is the united effort of individual credit unions that can really make a difference. We want to give credit unions the tools they need to be part of the regulatory process and have their voices heard."
Launched this week, PowerComment consists of three components to assist credit unions. CEOs, executives, compliance officers, and others can:
Lindeman said the comment letter feature gives credit unions the opportunity to not only voice their concerns or support regarding a rule, but also write personalized letters that express how the proposed rule will impact their credit union and members.
“Personalized letters are what carries weight and will make an impact,” Lindeman said. “When regulators hear from a large number of credit unions, they will take those thoughts and concerns into account when formulating a final rule.”
Leagues President and CEO Diana Dykstra said credit unions are in the middle of one of the most challenging regulatory environments in the history of credit unions, with no end in sight to this trend. However, with PowerComment available to credit unions, they now have the opportunity to unite together on proposed regulatory changes in a simple—yet dynamic—online format.
"There is no easy defense against these regulatory changes," Dykstra said. "But what we can do is stand together, raise our voices, and make every effort to combat the impact of proposed changes as they arise. PowerComment gives credit unions that platform."
PowerComment is a free regulatory advocacy service available to all California and Nevada credit unions. Register at PowerComment, or contact Leagues Vice President of Regulatory Advocacy Sharon Lindeman at 909-212-6063 or firstname.lastname@example.org!