Getting involved in the monitoring, drafting and revision of government regulations means having a voice in the future vitality of Georgia credit unions. Participating in regulatory change means taking part in the formal comment process mandated by state and federal law.
When a regulator issues a proposal, there is a period of time for comment. This period could be from 30-90 days. During this time, the regulator encourages credit unions to comment on the proposal. A credit union could either comment positively or negatively depending on the anticipated impact of the proposal. When the comment period ends, the regulator reviews the comment letters and determines if any changes should be made before issuing a final rule. Without comment letters, the regulators would have no reason to review the proposal prior to issuance of the final rule.
Regulatory advocacy is designed to coordinate the effort for credit unions to express their support or concerns to a proposal and to communicate any changes they would like to see made. The hope is that the more Georgia credit unions get involved, the more likely proposals would be changed to benefit credit unions. On the behalf of Georgia’s credit unions, the League sends dozens of comment letters every year to regulatory agencies regarding the unnecessary hardships proposed rules pose, as well as unintended consequences. Comments from the League are often incorporated into the final versions of proposed rules thereby helping to lessen compliance burdens for credit unions.