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PowerComment: a new regulatory advocacy tool

WASHINGTON, DC (February 24, 2014) – The Credit Union National Association and California and Nevada Credit Union Leagues have announced that they are partnering on PowerComment.org, a new online resource for credit unions to engage with regulators on key issues. The tool, which is now in the testing phase, helps credit unions express concerns to regulators on pending proposals.

PowerComment helps explain all proposed rules issued by regulators, and helps individuals determine how those rules may affect their credit union. The website, which will be available exclusively to CUNA-affiliated credit unions, also provides a discussion board so that credit unions can discuss any questions or concerns with other members. Further, PowerComment helps users efficiently generate and submit letters to federal regulatory agencies, including the National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and other federal or state regulators.

“Like it or not, regulation is a major part of today’s credit union movement,” CUNA Executive Vice President and General Counsel Eric Richard said.  ” We know credit unions have faced the onslaught of regulation in recent years as one of the greatest headwinds facing the future of our movement.  And we know credit unions want to do what they can to help shape the regulations.  PowerComment will help credit unions take action in the regulatory arena.”

PowerComment will allow users to:

  1. Digest proposed rules and comment on how they might affect a credit union’s operations and members.
  2. Ask fellow credit unions or the Leagues questions related to proposed rules.
  3. View comment letters submitted by other PowerComment users.
  4. Quickly and efficiently write meaningful comment letters and immediately submit them.

“The CUNA/League system is always committed to providing credit unions with the best technology to confront the challenges facing the movement,” CUNA Deputy General Counsel Mary Dunn said.  “In the spirit of the cooperative movement, CUNA is pleased to partner with the California and Nevada Credit Union Leagues in this venture as we continue to look for ways to improve the regulatory environment for our credit union members.”

PowerComment.org is currently being tested by seven credit union state leagues and is set to be available for all members later this year.

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