A House subcommittee hearing recently began an investigation into the Consumer Financial Protection Bureau. According to CUNA News, lawmakers were told that “every dollar a credit union must spend complying with regulatory changes is a dollar it cannot spend to benefit its member.”
While I agree on a certain level (because that is obvious), I also believe compliance protects the members’ money as well. If the credit union is fined for a violation, then the membership pays for that error. There is no board of directors to incur the costs. The burden rests squarely on the shoulders of the membership.
More on the story here.