Compliant (adjective): inclined to agree with others or obey rules, especially to an excessive degree; acquiescent.
How well do you know your forms or disclosures? Have you ever experienced any sort of problem or miscommunication from your forms to your members? Compliance can be tricky, but definitely not impossible.
Working in a credit union, accidents on forms could happen quite regularly and can be overlooked in some matters. Being able to recognize, catch, and prioritize how it can be fixed will create a path to a successful outcome. As a credit union vendor, we, at times, refer to ourselves as the Oak Tree compliant watchdog. Working with many credit unions, we have observed and studied many compliance issues that employees may not catch. An example of one is with the state of Texas’s. Understanding the requirements and guidelines Texas allows/doesn’t let on their forms is very important. Their regulations ARE different, and many people out of state don’t realize that. A big difference from Texas home equity versus the rest of the U.S. is that Texas homeowners cannot borrow against the equity in their homes, according to the adoption of the Texas Constitution of 1876. Moreover, regulatory compliance is unique for each individual state, so having a feeling of understanding, communicating, and engaging with compliance initiatives is truly what every credit union needs.
Now, we don’t want to give off the impression that filling out improperlyis what is happening. Our goal is to educate our credit union family since they are the ones in charge of giving those forms and disclosures to their members. Understanding this, Oak Tree is one step ahead of all other vendors in this industry. We recognize and execute what needs to be done in order to comply with regulations, ensuring that each credit union has forms they are confident with and proud to give to their members.
Keeping up with both state and federal regulations, Oak Tree makes sure to follow every step and have it all looked over to ensure everything is compliant. You wouldn’t want a non-compliant document to lead to a costly fine, penalty, or lawsuit… would you?? NO! Don’t let your members get confused and frustrated with unorganized lengthy forms. This will push them to look for loans elsewhere, and we, of course, don’t want that. So, trust us when we say that we have one of the top compliant forms solutions in the industry. Our CEO Richard Gallagher wrote an article “" for the Credit Union Journal about how non-compliant forms can get credit unions in trouble if not looked at closely, “Remember when the Dodd-Frank Act mandated that TILA and RESPA disclosures integrate? It was an extremely arduous and lengthy process spanning a couple of years. However, once the integration was complete, everything changed. The effort was noble. Combine two disclosure statements into one to make it less cumbersome for consumers and credit unions. However, this meant a complete rework of the forms. If a compliance examiner walked in and you were using old TILA and RESPA forms instead of the new disclosure after the switch, you could be faced with fines or worse.”
Compliance keeps your members where they should be – part of your credit union. Our legal team automatically updates your forms to keep you compliant. With the laws constantly changing and your business growing, keeping documents in compliance will only become more difficult. We got you!!
A great service we proudly offer involves our lovely staffon everything they need to know about the new forms they received. Your credit union will be given step-by-step instructions, and an unlimited amount of telephone support to help smooth the operations of the transition. On top of all of that, Oak Tree offers Web conference training via WebEx. This is a viable solution for training and provides a virtual "you are there" experience, should the need for troubleshooting arise. Overall, our goal is to help your credit union feel secure and strong with any of our forms, to achieve significant results.
With many professionals and detail-oriented team members on board, everyone works hard to supply the best customer service anyone could ever ask for.
“The level of compliance and detail was critical for our credit union. We look forward to working in the future with you.” By James
“Before my time away for the holidays, I wanted to tell you that our compliance manager is very happy with the documents, and I can go on my vacation, worry-free. Thanks for your commitment and professionalism.” By Zoe
With our, we can assure you that your members will be happier than ever. With our easy-to-access forms and first-class service WHILE following all state and federal regulations, our forms are not to be missed out on. What do our forms come with? Our customizable forms come with , , , and . We are sure you will love our easy-to-read membership forms, and so will your members!
Covering all 50 states, our easy-to-use documents are specifically designed to match your credit union's policies and procedures and work hand in hand with your data/loan processing system. When working closely with your team, we always ensure that all of the forms/material being sent out has ALL the correct information portrayed. Going through proofreading and legal review, we always think of the credit union first! Supplying all compliant forms, your credit union’s success is our happiness.
Here at, we know how important it is to have compliant forms for your members. We understand that mishaps happen, so we help train your staff to look out for any future issues. Knowing that credit unions have compliance officers already at hand, with our experience of over 35 years, we have seen some remarkable affairs that turned into a positive.
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