It takes work to keep your credit union in compliance. It’s not easy, but there are a few basic things you can do. Read over our checklist and make sure you have these items covered. This will go a long way toward keeping you in compliance and out of the crosshairs of a potential regulatory audit, or other adverse event.
Stay Current. Make sure you stay in the loop regarding regulatory changes and other similar occurrences. Most vendors have websites devoted solely to timely information updates; and regulatory agencies such as the NCUA, Federal Reserve, Federal Financial Institutions Examine Counsel (FFIEC), and Consumer Financial Protection Bureau provide white papers and summaries to give perspective on updated laws and regulations. These help you stay up to date and informed.
Audit/Review Yourself. Make sure you have a mechanism in place to review and audit your policies and procedures. The best way to think of these is as follows: they are always a work in progress. They should regularly be reviewed and tested to find shortcomings or problems that might be hidden from view.
Be Proactive. Learn to anticipate regulatory changes. This is best accomplished by studying trends, and observing how other regulatory professionals in your industry are reacting. Speculate using past and current regulatory trends, then take all of this information and extrapolate a conclusion based on the inferences and present regulatory situation. Usually, you can align facts with trends to determine what will most naturally be the next course of action, and begin to position yourself accordingly.
Be Consistent. Make sure you have a mechanism in place to maintain all current programs. This means reports should be submitted on a regular basis, updates should be regularly given, budgets should be maintained, and a plan for training staff should also be in the works. Oak Tree forms fit nicely into this category. All of our forms packages are kept current and up to date, providing you with the security and peace of mind needed to focus on other compliance issues.
Use the tips above as general guidelines. They are helpful with regard to perspective, and provide a broad-brush approach, allowing you to hone in on specifics as they relate to your institution.
Finally, if you are a compliance officer, set up a process for auditing yourself. This can be vital in preventing problematic instances in the long run. Maintaining compliance is a key part of credit union operation and management. It is a tough job with no guidebook or definitive set of rules. It takes everyone working together to ensure compliance is met and maintained. It is an ongoing necessity that must be upheld to meet members’ needs. Take advantage of Oak Tree compliant forms and obtain compliance support for your credit union.
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