Wolters Kluwer survey: Credit unions rank regulatory change as top challenge for 2022

The challenges facing credit unions continue to evolve. Disruption from the pandemic, combined with increasing compliance and reputational risks, are among the top issues keeping lenders up at night, according to the latest research from Wolters Kluwer Compliance Solutions.

Wolters Kluwer recently released its 2021 Regulatory & Risk Management Indicator survey, an annual initiative identifying regulatory and risk trends in the U.S. banking industry. In its ninth year, the survey gauges credit unions, banks and other lenders’ top risk management and regulatory compliance issues. Credit unions represent one in five of the respondents participating in this year’s survey. Seventy-two percent of respondents are from lending institutions with assets of less than $1B, and 38 percent of respondents hail from institutions with less than $500M in assets.

This year’s survey generated a Main Indicator Score of 128, a 25-point increase over the 2020 score. It’s also the third consecutive year that the Main Indicator Score has increased, up 43 points in total since the 2018 Indicator survey. The Main Indicator Score is calculated based on several factors, as shown below:

 

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