Enough already! Never have truer words been spoken in relationto regulatory compliance. Credit unions are at the breaking point,with some already broken. The number of changes to consumerprotection laws and regulations is unprecedented.

For the past year. credit unions faced short implementationperiods to comply with the CARD Act, MDIA and comprehensiveamendments to Regulation Z and RESPA. On a single day in August,the Federal Reserve issued more than 1,000 pages of proposed andinterim rules on Regulation Z alone. And credit unions must tacklenew privacy and risk-based pricing notices. Early in 2011, creditunions will begin making new Regulation Z disclosures regardingmortgage payment changes and the sale or transfer of mortgages.Credit unions will also need to comply with registrationrequirements for mortgage originators and ensure mortgage loanorigination practices comply with Regulation Z changes. The mostsobering news of all is that the biggest compliance challengescould still be a year or two away courtesy of the Dodd-FrankAct.

Back in 1994, my first job out of law school was a complianceofficer of a mid-sized credit union. First task was bringing thecredit union into compliance with the Truth in Savings Act as themandatory compliance date was only seven months away. Truth inSavings represented the biggest regulatory compliance changeaffecting credit unions in years. However, given the fact that atthat time there were virtually no other regulatory compliancechanges substantially impacting the credit union, Truth in Savingsgot my full attention. Seminars, white papers, half-day trainingsessions complete with flip charts and role playing exercises, nostone was left unturned. When all was said and done, seven monthsof hard work equated to full compliance with the new law.