Compliance Blog

Written by Katie Marisic, NAFCU’s Director of Political Affairs

Dodd-Frank, which created the CFPB, was passed without much deliberation (and without NAFCU’s support) and is responsible for many of the issues credit unions are dealing with today.  The CFPB has been up and running since July 2011, in that short time they have issued thousands of pages of regulation and credit union compliance officers across the country have been dealing with the aftermath.  Despite our best efforts, what we are seeing is that by the time it becomes regulation it is too late.  

Velociraptors became famous in the 1993 movie Jurassic Park because of their hunting stratagem.  By the time you saw the one standing right in front of you it was already too late, its unseen counterparts were swooping in to finish you off.  Which, when you think about it, is exactly like regulation issued by the CFPB, by the time you see it, no matter how terrible it is, it’s already too late to do anything about it, carnage ensues.  It’s velociregulation!

Velociregulation is something we want to avoid, but that doesn’t mean credit unions should fear Washington, D.C. With close to 95 million credit union members across the country we have the opportunity to make a real impact on legislation before it is passed.

Legislation, like the T-Rex, can be formidable and frightening but it isn’t unstoppable. A large, well-organized and active group of people can incapacitate, restrain and even defeat it before it gets going.  The best part is, if your group is big enough, each member of the group doesn’t have to do much work. What if all you had to do was pick up the phone or send an email, would you be more likely to get involved in the fight?

Legislation can be won, lost, delayed or altered by a robust grassroots and advocacy program. Legislative advocacy efforts are made stronger by the skills and expertise of its members.  As the director of political affairs, I want NAFCU’s grassroots efforts to be broad and diverse.  I need compliance experts to share their invaluable firsthand knowledge about the unnecessary burdens over-regulation is placing on credit unions.

A few short years ago the CFPB was a T-Rex, unbalanced with little arms, a small brain and poor eyesight.  Now it’s a herd of raptors, and they are breeding and learning.  You can help NAFCU make sure that similar legislation doesn’t pass in the future. Click here to go to NAFCU’s Grassroots Action Network today and write a letter to  your members of Congress.  Encourage them to support legislation such as H.R. 719, H.R. 749 and H.R.688, all bills that are portions of NAFCU’s Five Point Plan for Regulatory Relief.  Share your stories about regulatory burdens and how they are impacting your credit union. It will help NAFCU’s lobbyists in their legislative efforts, strengthen our advocacy and show Congress that we are serious about enacting real relief.

Remember, next time you are dealing with velociregulation ask yourself, wouldn’t you rather be fighting a T-Rex?

Hope you enjoyed the post, if you have any interest in learning more about NAFCU’s grassroots political advocacy efforts you can email me at kmarisic@nafcu.org.  Please come join the fight for regulatory relief at NAFCU’s 2013 Congressional Caucus from September 8-11, 2013 in Washington, D.C.  Click here to find out more!