At CCUA, we focus on credit unions. Credit unions have long-endured an avalanche of new and changing regulatory mandates. Changes to 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 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?
CCUA is ready to assist your credit union to find the right solution for your credit union.
VP, Compliance Services
Mary Ann Clancy
SVP, General Counsel