WASHINGTON (7/25/14)--PowerComment, a new online resource that helps credit unions take their regulatory concerns directly to state and federal regulators, was officially announced at the summer American Association of Credit Union Leagues (AACUL) meeting Thursday.
Developed by the California and Nevada Credit Union Leagues, and now being taken national by Credit Union National Association, PowerComment is an interactive tool that allows all CUNA-affiliated credit unions to write and immediately submit comment letters on regulatory proposals directly to the National Credit Union Administration, the Consumer Financial Protection Bureau and other federal and state regulators.
Credit unions can read proposed rules and how they might affect their operations and members, as well as ask fellow PowerComment users or their leagues questions related to proposed rules. In addition, they can view letters submitted by other credit unions and their leagues on the website, available exclusively to CUNA-affiliated credit unions.
"This is the power of the CUNA-League System at its best," remarked CUNA General Counsel Eric Richard. "CUNA is pleased to leverage the great of work the California and Nevada Credit Union Leagues to effectively deliver credit union comments back to the regulatory agencies."
The national rollout of PowerComment now makes it easier for credit unions throughout the United States to voice their concerns and comment on proposed rules, especially in this challenging regulatory environment," said California and Nevada Credit Union Leagues President/CEO Diana Dykstra. "By commenting at the beginning of the process, credit unions can help shape the rules, and mitigate overly burdensome directives."
Prior to the national rollout, PowerComment was tested by 10 leagues, including the Northwest Credit Union Association (NWCUA).
"PowerComment allowed us to easily track regulatory proposals, get insight from colleagues and write effective comment letters," said NWCUA President/CEO Troy Stang.
"The analysis and reminders are another benefit that helped us successfully manage our time in an efficient manner. PowerComment is an additional tool in the credit union toolbox that we look forward to seeing available to a broader audience," he added.
Use the resource link to check out the new tool.