LEGISLATION AND REGULATION
Credit unions operate within strict legal and regulatory frameworks. The success of individual credit unions and the credit union movement is dependent on maintaining open lines of communication. The League's Legislative and Regulatory Group is dedicated to the twin tasks of preserving a legal/regulatory environment that is conducive to the success of New Hampshire' credit unions and helping credit unions function within that environment.
The legal experts that staff this group act as advocates for the credit unions of New Hampshire, making certain that the needs of credit unions and their members are well known and clearly understood to the lawmakers and regulators that draft the laws and the rules that govern the operation of credit unions. That role is often proactive involving the formulation and drafting of legislation, laws and regulations that will allow credit unions to continue in their role as an effective and friendly financial resource for consumers. Defending credit unions from legislative assaults mounted by competitors who seek to use the Legislature in order to gain advantages in the marketplace is an equally important function.
Working with the NCUA, the New Hampshire Banking Department and the numerous other regulatory bodies that credit unions interact with is an equally important function for this group. Key activities include: commenting on pending regulatory changes, establishing dialogue with regulators concerning important industry issues and trends or assisting credit unions in interpreting existing regulations.