Can anyone tell me if a credit union is bound by the same regulations that banks are?

They are bound by some of the same regulations and not others.

Thanks Ted, would you know of a comparison list between the two?

Sorry, I don't, but if you look at the CFPB's transferred regulations you should see many of the areas of similarity.

You might also visit the website of the credit union regulator.

Also, check your state credit union league and CUNA if your CU is a member, both likely have resources you can take advantage of. NCUA will also be a good place to look, of course.

We are subject to a substantial portion of the ones banks are, some we aren't, some are slightly different from banks to CU's, so it really depends on what you're looking at.

From what I understand, credit unions are subject to more regulations than banks. I was asked this same question not too long ago. These are the sites that I looked at to begin making comparisons: ncua.gov has a page where they list their own regulations for credit unions to comply in addition to those that were transferred to the CFPB; nafcu.org and cuna.org gives information too and has links to the state leagues...depending on the state that you're in, you can contact that league...they may have a comparison list all prepared for you. Credit unions are also subject to your BSA regs and many of the other regs that we (banks) are subject to.

but at least CUs are not subject to CRA!!!!

Yes, I didn't even know of it until joining these boards, sounds like a scary, terrible thing!

Don't forget... they also aren't subject to the same taxes as banks.

No way. Really?

I believe it's just assumed that the CU business model will compell us to perform such activities without an act requiring it. Whether or not that's true is a different question

way...

:: applies to every CU in the nearest 100 miles ::