ARLINGTON, Va. — NAFCU's latest Flash Report documented what everyone in credit unions is saying about regulatory compliance: it is taking longer than it used to and the time required will not drop off any time soon.
Nearly all, 97%, of NAFCU Flash survey respondents said they are spending more time on regulatory compliance issues than they did five years ago. Additionally, 95% said they do not expect that time to decrease in the next year. One-quarter of respondents said they spend more than half their staff's time on compliance issues.
However, in a show of the cooperative credit union spirit, 42% of credit unions said they have been approached by small credit unions (under $100 million) for assistance while 34% of larger credit unions say they offered assistance to smaller ones.
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Bank Secrecy Act compliance topped the list of burdens with 91% calling in the "most burdensome." Regulation Z, Truth in Lending, was a distant second at 3%. Ninety-five percent of the respondents also said that Community Reinvestment Act-like requirements were not necessary for credit unions.
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