Ensuring regulatory compliance is one of the most time consuming and complicated activities that a credit union has to address.
It is also one of the most important. Credit unions must be in compliance with the ever growing body of laws and regulations issued by the numerous regulatory bodies that play a role in overseeing financial institutions.
Compliance requires the successful completion of multiple tasks including: staffing, acquisition of information resources, research, analysis, implementation, quality control, record keeping, and reporting. The workload is enormous and it runs the risk of diverting necessary resources from the credit union's true purpose of providing high-quality, affordable financial services to the consumer.
While the challenge is daunting, credit unions have thrived for over one hundred years because they have become expert at working together to build solutions. Since its inception, the Association has helped credit unions with compliance. That work begins by making certain that credit unions have a regulatory environment that allows credit unions to provide the best possible service to their members.
To help credit union staff members deal with compliance, the Association provides numerous education and training programs. These programs are designed to help staff members achieve proficiency and to provide experienced staff with insight into new regulations.
In addition, the Association offers services that are geared towards helping credit unions directly with compliance tasks. Compliance InfoSight, an online compliance resource, allows credit unions to research and learn about operational topics. CU PolicyPro offers credit unions a resource for over 200 model policies. It also offers the ability for credit unions to properly manage their policies. Affiliated credit unions may also utilize RateMap to track local developments for setting competitive rates.
Another innovative compliance service the Association currently provides is the Compliance Specialist Program. This unique program puts a trained compliance specialist on site at member credit unions for a set number of hours each month. Through this program, the credit union can have a compliance expert on their team without the expense of adding a full time employee. The Association will continue to expand its Compliance Services offerings periodically.
For more information, visit the InfoSight page.