Regulatory Advocacy is a proactive approach to regulatory change. 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 New York credit unions get involved, the more likely proposals would be changed to benefit New York credit unions.