And the winner is!

In November I proposed a challenge that I hoped would help to identify top regulatory issues or burdens faced by credit unions. To the winner of the challenge I promised to pay $500.00. Today I will announce the winner of this challenge. First, to refresh your memory, the challenge was:

In a statement of 1,000 words or less:

• Highlight a specific NCUA rule or regulation and how it negatively impacts your credit union or credit unions in general.
• Provide a clear amendment, alternative to the regulation that would lessen its burden and how/why safety and soundness could be maintained with the change.
• Make a compelling case for why your example and solution should be the winner of the challenge! (Of course examples that have widespread impact are important however this is not the only factor under consideration)

(To foster a safe sharing environment I ensured that any disclosure of the submissions would be anonymous.)

AND THE WINNER IS!!!!!! Nobody… The result of the challenge was enlightening to say the least. I have travelled the country and the world speaking with credit union leaders, advocates and members. Repeatedly I have heard the mantra that regulatory burden is a top concern and that there is often very little margin to work with once regulatory costs are accounted for. However given the opportunity and a $500 incentive, no submissions were presented. Oh, there were a handful of gripes and a couple of grumbles, but nothing of substance and nothing that anyone wanted to be officially submitted. I am left with three thoughts on the lack of participation:

1. Perhaps the challenge was not worded properly, or perhaps I am asking the wrong question.
2. Maybe $500 is not enough of an incentive to get engaged.
3. Possibly there is no single or specific regulation that is most burdensome rather it is simply the general regulatory climate that causes consternation.

There is nothing I would like more than to go to NCUA and say there is consensus to change a particular set of rules and regs. This is clearly not possible today… I will keep searching!  Since I do not have the pleasure of awarding the prize to a challenge winner I will  provide a $500.00 donation to the National Credit Union Foundation. It is always good to remember that there are many ways to support the growth and strength of the credit union movement.

Best wishes for a very happy new year.