EUGENE, Ore. — Joining others in the industry that have expressed concerns with proposed amendments from the Securities and Exchange Commission regarding broker and client relationships, SELCO Community Credit Union is the latest to offer its two cents.

Melisa Lindsay, a financial advisor and program manager for the $784 million SELCO's investment division, said SEC's amendment regarding what happens when a registered representative leaves one brokerage firm for another, taking with him or her their book of business–addressed in Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Personal Information–may impact future investor relationships.

"I believe that this type of change in regulation would be detrimental to our business at the credit union especially in the cases of successful representatives that build large client [and] member books of business at the credit union and then would leave to work for another financial institution [bank or credit union program]," Lindsay wrote in a May 8 comment letter to SEC. "It would potentially put the entire member/client relationship at the credit union in jeopardy by allowing them to be solicited by the new employer [potentially a bank or another credit union]."