A cooperative and affordable solution to compliance management
Credit unions have endured an avalanche of new and changing regulatory mandates over the past several years. New laws and regulations touch every credit union department and every employee and volunteer in some capacity. Numerous directives from government agencies have impacted credit union policies, procedures, training needs, disclosures and much more in areas such as BSA/OFAC, vendor due diligence, web site compliance, privacy, Truth-in-Savings, Truth-in-Lending, funds availability, collections, advertising, risk assessments, ACH processing, overdraft protection, and mortgage lending, just to name a few.
Credit unions of all sizes are struggling to manage their compliance functions, the complexities and the sheer volume. Even if management is properly delegating compliance to existing department heads, how do you know these managers are properly and fully establishing and following all mandated policies and procedures? Who is overseeing and coordinating the department heads?
Yes, a dedicated, full-time compliance officer is a possible answer…but hiring the expertise is expensive. How do you obtain the needed additional compliance horsepower and stay within budget constraints?
The Solution? A fully trained Compliance Specialist dedicated to work at your credit union.
New England Credit Union Services, LLC (NECUS) offers the solution - the Compliance Specialist Program for affiliated credit unions. Participating credit unions will benefit from the program with a fully trained NECUS Compliance Specialist on-site and dedicated to work in your credit union. The Compliance Specialist program is designed to bring the needed expertise, knowledge, and horsepower to oversee and coordinate existing staff on compliance matters.
Typically, a Compliance Specialist is dedicated for up to 4 participating credit unions on a regional basis, each sharing in the full employee cost, in proportion to the contracted time allotted to each credit union. For example, a Compliance Specialist might provide compliance services to three credit unions - 50% of their time in one credit union (two weeks per month), and 25% each to the remaining two credit unions (one week each, per month).
A Compliance Specialist is a NECUS employee, fully trained and monitored by NECUS, under contract by participating credit unions. To add to the expertise and to ensure success, NECUS has partnered with the Georgia Credit Union Affiliates (GCUA). GCUA has operated the longest and most successful program of this type (since 2002), and provides a breadth of recruiting, administrative, training expertise, and additional resources for each Compliance Specialist. In addition, each Compliance Specialist is given access to a robust network of Compliance Specialists in conjunction with GCUA and supporting resources through the Credit Union Center, NECUS, and GCUA.
What Does a Compliance Specialist Do?
In general, a Compliance Specialist is involved with the following activities:
- Develop and review credit union compliance policies and procedures to improve compliance with applicable state and federal laws and regulations.
- Evaluate and recommend changes to procedures, forms, marketing materials, etc.
- Implement changes to comply with new laws and regulations.
- Update policies and procedures.
- Compile and maintain training materials and conduct training sessions for new and existing employees.
- Report to and advise management of needed compliance/operational changes.
- Coordinate with examiners and external auditors during examinations and audits to ensure that compliance issues are adequately addressed.
- Research compliance and operational issues and answer credit union staff questions.
- And more!
Email Charlotte Whatley, vice president, compliance services or call 1-800-842-1242.