The California and Nevada Credit Union Leagues have launched PowerComment, an interactive online tool that can help more than 400 credit unions in those two states to express their compliance concerns to regulators.
According to the CNCUL, 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 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.
“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,” said leagues Vice President of Regulatory Advocacy Sharon Lindeman. “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/CEO of the $716 million Credit Union of Southern California in Whittier, Calif., who chairs the leagues’ Regulatory Advocacy Committee, agreed with Lindeman, saying PowerComment is a powerful tool that gives credit unions the platform to conveniently voice recommendations and concerns.