WASHINGTON — Credit unions are inpretty good shape despite the flood of regulations that continuesto wash over the industry, including the new qualified mortgagerules from the Consumer Financial Protection Bureau.

That's the take from AndyGreenawalt, CEO of Continuity Control, a New Haven, Conn.-basedprovider of compliance technology to about 160 financialinstitutions, including about 65 credit unions.

“Credit unions are largely in fine shape,” Greenawalt saidTuesday in an interview with Credit Union Times at theGovernmental Affairs Conference. “Because of their capitalstructure, they have so many constraints imposed on them, theycouldn't get themselves in too much trouble.”

Greenawalt's business is helping credit unions stay incompliance and he said the new QM rules by the CFPB haven't made that much impact on thequarterly flow of regulatory changes that his company's softwareand staff of former examiners and other compliance experts track,analyze and automate.

“The big challenge we see really coming out is the (creditunion) examination community's frustration with the absence of asystematic way of handling these changes,” Greenawalt said.

“And as regulatory pressure mounts, we also see a desire onbehalf of all agencies for the NCUA to normalize like all theothers, which also will raise the bar on well credit unions managethis process,” he said.

“Last quarter there were 65 regulatory changes across5,000 pages, and that's typical, really,” Greenawalt said. “Butmaybe we make less a deal of it than people who charge by thehour.”