New regulations that aim to benefit consumers have become such a burden for credit unions that the cost of compliance may hamper growth and bring changes in the products, services and convenience consumers want the most.

Tim Rowe, chief lending officer for the $560 million Member One FCU, said new regulations have made it more difficult for the Roanoke, Va.-based credit union to serve its members. While Member One has not had to directly cut any programs or services, Rowe said time spent researching and implementing processes to meet new regulations have come at the expense of loan production.

Member One achieved 6.16% loan growth last year, Rowe said, but he questioned whether his cooperative could have generated 8% or even 10% growth without the new regulations.