Keeping up with the constant change in the laws and regulations affecting credit unions can be overwhelming. Regulators, feeling the pressure from both consumers and Congress, are raising the bar and demanding higher levels of compliance to protect the public and ensure institutional safety and soundness. CUcorp’s Regulatory Compliance Consulting Services can provide customized training and assistance to help you more effectively manage the daunting regulatory requirements that are draining resources and attention from what should be your key focus: serving your members.
No matter how well you think you know your membership, you’re not immune from money laundering and related fraud. Regulators are taking a closer look at how financial institutions are complying with the BSA.
Our Compliance Officer Training Services will assist you in organizing an effective compliance program, determine the best profile for the compliance officer for your credit union, and offer the following individualized training so that your compliance officer can:
- Understand the basics of all pertinent rules and regulations
- Effectively organize and implement a compliance program
- Keep up-to-date with regulatory developments
- Find answers to regulatory questions
- Train staff on internal policies and regulatory requirements
- Provide comment on proposed regulations
- Reduce the risk of loss
Whether your credit union is looking to develop certain types of policies or needs to review its existing policies to make sure they reflect your current policy needs, we can help to:
- Obtain policies related to products and services that your credit union provides to membership
- Choose form existing policies or order a new one
- Customize existing policies to ensure that they are tailored to your credit union’s needs
- Ensure that your credit union is prepared for an examination
As regulations are catching up with technology, web site examinations are part of overall credit union examination. Failure to comply with the various regulations associated with your credit union’s web site may signal additional issues within the credit union. Your credit union is strongly encouraged to obtain a review of your web site, not only to ensure compliance with the mandatory regulations and recommended action steps, but to enhance member service as well.
- What is Included in the Report of Findings?
- Suggested policy information
- References to communications from regulators that should be reviewed
- Specific regulatory citations
- Sample disclosure language
- Recommendations for enhanced or more effective communication with members/visitors
Protect your credit union against legal, compliance and reputation risks by obtaining a web site review.
For more information about CUcorp’s Regulatory Compliance Consulting, contact your Business Consultant at 800-262-6285, ext. 534 or contact us online.