WASHINGTON—CUNA said it will soon unveil an online “calculator” to allow credit unions to determine the costs regulations are having on their CU.
CUNA’s “regulatory burden calculator” is expected to launch within the next week or two, said CUNA Chief Policy Officer Bill Hampel.
“We have been working on a calculator that essentially allows credit unions to replicate—not in all of the details—our regulatory burden study,” explained Hampel. “It will allow credit unions to assess the impact of regulations on their credit union.”
CUNA Commissioned by CUNA, a recent study from Cornerstone Advisors found that collectively, credit unions each year face a $7.2-billion price tag to address regulation.
Hampel said the calculator, which will be available to all credit unions, was created after CUNA heard from a number of CUs that did not participate in its regulatory burden study that they would like to better understand the impact of regulations on their CU.