In 1980’s cartoons, if you had a sword and yelled something magical, you could transform yourself into a superhero. Take for example, Prince Adam of Eternia from the hit He-Man and the Masters of the Universe. He would hold up the Power Sword and yell, “By the power of Grayskull!” and Prince Adam would transform into He-Man. There was also Lion-O from Thundercats. He would hold up the Sword of Omens and yell “Thunder, Thunder, Thunder, Thundercats, Hoooooooo!” which gave him the ability to fire bolts of energy from the sword to see across great distances.
I am sure you may be asking, “what do these 80’s cartoons have to do with compliance and credit unions?” Well, I think each of us has a powerful tool we can wield to help our credit unions and provide a voice in the compliance world, and it is the mighty pen……or computer (if you prefer email).
Writing letters to your regulators or to your state or federal elected officials can be so powerful in providing them with the understanding of the financial world. We can help provide clarity or understanding through the comments or letters we write. These folks need to hear from us regarding the decisions they are choosing to make and how those decision will affect us. Whether it be a new mortgage loan rule or possibly a new overdraft protection rule, we need to reach out and let them know how these changes could legitimately and feasibly affect each one of our organizations, and ultimately our members.
If you don’t believe me, read any preamble to the regulations when they are released, and you will see where the regulator will most likely have mentioned that they received feedback and based on that feedback made certain decisions.
I am very passionate about credit unions and all the great work that they do. The lives they influence and the stories they can share are some of the most powerful tools in helping regulators or elected officials understand how any proposed change or new law can affect credit union members.
So, the next time you have a chance to speak for your members regarding a change in law or regulatory requirement, grab your pen, hold it up, and yell “I have the power.” Ultimately, you do have the power by being an influencer and helping not only your credit union, but your members as well.