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| Addressing Regulatory Challenges facing small Credit Unions |
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Top issues for small credit unions—especially the need for targeted regulatory relief—were topics of discussion for America’s Credit Unions Small Credit Union Advocacy Advisory Panel Thursday. The group meets monthly to ensure the small credit union voice is part of advocacy efforts, and to ensure policymakers remain aware of challenges faced by those institutions.
Fraud continues to be the number one concern for most small credit unions participating in the panel, and was also addressed at the panel’s meeting last month. Thursday’s meeting moved to the next most common topic on small credit unions’ list of concerns: the need for regulatory relief.
Small credit unions with limited staff and resources can be especially impacted by regulations designed for the biggest for-profit banks. Members shared potential ways to advocate for relief during future engagement with the administration and Congress.
Panel Chair Thomas Flowers, CEO of Calhoun Liberty Credit Union in Florida, brought some ideas directed to policymakers earlier in the week while attending the Small Business Administration’s Office of Advocacy’s open house as the sole small business financial institution at the event. The office advocates on behalf of small businesses to other agencies, and the event was designed to allow a select group of small businesses to share talk directly with policymakers.
Head of Regulatory Advocacy James Akin encouraged members to submit comments on active regulatory proposals. He also shared the latest on America’s Credit Unions’ efforts to achieve regulatory relief, including a letter sent to the Financial Crimes Enforcement Network Thursday, urging it to modernize Currency Transaction Reports and Suspicious Activity Reports. Much of the information from the letter came directly from the Small Credit Union Advocacy Advisory Panel.
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