Regulatory Compliance
THE WORKS BlogCredit Union Compliance News & Views

Quantify Your Actions

Lately we have been bombarded with a ton of blogs and calls to action when it comes to regulatory relief. As we work through the infancy stage with this new administration, it is time to increase the volume on this call to ensure that our voices are heard. But at the same time we also need to ensure that there is some substance behind what we are saying, because we are at risk of sounding like Charlie Brown’s parents if there is not.

What I am trying to say here is that we need to have a solid foundation on which to stand. We waste time by shouting from the roof tops about how burdened we are by these regulations, but when asked to quantify or explain why that is, we then stumble over that next hurdle. I am not trying to say that our argument isn’t valid. We just need to be able to put our money where our mouth is. We can’t say that these regulations have caused a considerable amount of cost, and then not back it up with real facts and figures. We also need to be able to quantify the ancillary impact. Things like time, resources, and lost opportunity.

Some of you may be thinking “I don’t have the time for all of that.” Trust me, I completely understand because it is not like we don’t have enough on our plates already. But if we want to be able to make a true impact when it comes to regulatory relief, it is important that we somehow find the time. We cannot just rely on the trade associations and other organizations to do this for us. We need to be able to show what the true impact is to our institution and the communities that we serve. The volume will only get louder and louder as more of us pitch in to this cause. If we can find the time to really sit down and quantify the impact, we can turn up that knob to a level where they will no longer be able to ignore us.

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