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In the midst of a beautiful summer in Maine, it can be difficult to focus on the minutiae of regulations and laws, however the importance of compliance work is far from seasonal. The regulatory climate has shifted and with a potential recession on the horizon, it is even more important that credit unions have a robust compliance management approach.
Credit union compliance officers wear many hats and every year it seems there are more things they need to review. There are two strategies I recommend to lighten their burden. The first is to create a compliance culture that is promoted at the top of the credit union. The second is to use that culture to ensure that compliance is everyone’s responsibility, no matter their position. If every member of your team is aware of the compliance issues that touch their jobs—both directly and indirectly—they can be part of the solution to prevent failures.
The League offers multiple types of training and events for compliance officers and credit union managers, as well as for other employees such as marketers and BSA officers. Whether it is through League webinars or the Regulatory Compliance Conference, there is an opportunity for credit union employees to learn more about compliance in their field and generally. For those who have been bit by the compliance bug, employees can serve on the League Compliance Committee or join the Compliance Council for even more networking and compliance content.
As a benefit of League membership, Maine credit unions have access to InfoSight and CU PolicyPro, two helpful compliance products. InfoSight is a compliance encyclopedia that is annually updated with the latest state and federal content. Credit union employees can access information on federal regulations, laws, checklists, and guidance. In addition, there is similar information available for all 50 states that is updated each year by credit union compliance experts from across the country. CU PolicyPro is a database of customizable credit union policies that can be shared and managed by both credit union staff and the board.
In addition, credit unions have access to a number of discounted compliance tools through the League’s partnership with League InfoSight. These products include RecoveryPro, a business continuity plan product; Account Insurance Estimator (AIE) and Check Deposit Notice Generator, both of which have a complimentary trial period and are free for credit unions with under $100 million in assets; and ComplySight and AffirmX. Both are compliance management systems.
For more information on our compliance products or to discuss a compliance-related matter that is impacting your credit union, please feel free to reach out to me at eparent@mainecul.org, or by phone at 207-773-5671 ext. 353. I’m also excited to share that we are launching a monthly fraud and compliance call to improve awareness of issues Maine credit unions may be facing. If you would like to be part of the discussion, please sign up online on the League’s website. Our first call is taking place in a few weeks on September 22.
About the Author
Ellen Parent serves as the Regulatory & Legislative Advocacy Coordinator for the Maine Credit Union League.