Credit unions are contending with an onslaught of regulatory changes, America’s Credit Unions Chief Advocacy Officer Carrie Hunt told Punchbowl in an interview over the weekend. Hunt noted that—while banks are subject to the same regulations—credit unions face key limitations on how they can respond.
“Since we are not-for-profit member cooperatives, we have different investment authorities and different restrictions than banks do,” Hunt said. “With very limited exceptions, credit unions can only raise capital from retained earnings from their members.”
Hunt also discussed credit union advocacy against the Big Box Bailout bill, and how increasing fraud and security costs are hitting credit unions harder.
She also shared credit unions’ goal for a strong national data privacy and security standard and noted some concerns with the current legislative proposals on the subject, including one from the House Energy and Commerce Committee.
