With new regulation changes always on the horizon, it’s important to understand the impact of those regulations. It seems that every few years or so, there is a massive move towards deregulation. This only results in further re-regulation.
Take for instance the four rules that went into effect in 2015, stemming from the integrated disclosure rule. This one got credit unions “deep in the weeds” so to speak, and caused them to look at other issues as well. Those four included:
- NCUA’s Liquidity Rule
- IRS Rollover Rule change for IRAs
- Underwater Mortgage Relief
- Online Privacy Notice
All of these created a bit of headache regarding credit union industry forms. Those forms had to be completely remade or in the best case scenarios, were allowed to be updated. Well, it seems that 2017 is poised to have the same effect. Only this time, there is massive deregulation at work. And while it’s good that someone flipped the pressure valve to give credit unions relief from seemingly endless regulation changes and updates, it also sets the stage for further regulation or re-regulation.
Prepare for Re-Regulation
To that end, it is important to make sure your forms are up to date. If you are an Oak Tree customer, this is not a problem for you. Oak Tree forms are constantly updated, and comply with all federal and state regulations. Any time a regulation change is made that affects one of your forms, we make the update for you so you don’t have to worry about compliance.