“The burdensome impact of this multi-agency regulatory situation in the absence of proper coordination between them creates a contradictory, costly and confusing compliance environment,” Becker said, according to CUInsight. “In order for our industry to see a solution to this problem, members of Congress need to hear how it impacts their constituents/your members in their home districts in a real, measurable way—from you.”
Over the last year, credit unions have felt the burden as new regulatory requirements from the Consumer Financial Protection Bureau, U.S. Patent and Trademark Office, Federal Communications Commission, National Credit Union Association, Federal Reserve and Department of Labor take effect.
Becker said that credit unions should mention President Obama’s executive order that requires independent federal agencies to eliminate outdated rules and “champion the importance of preserving credit unions’ tax exemption.”
“Let’s say you could have the undivided attention of a congressman of your choosing—what would you talk about?” Becker said, CUInsight reports. “Helping Congress understand the breadth and depth of the problem is a great starting point.”