Your credit union is probably following sound business practices, internally. The Federal Government, as well as other governing bodies put forth rules and regulations that mandate compliance. This is why credit unions run internal audits and perform quality checks. However, have you considered other companies that your credit union might be aligned with? It’s rather common to outsource some aspects of business, like forms, marketing, and other similar products/services. It is important to know whether or not the companies you align yourself with are in compliance as well, particularly with regard to forms.
Sound Business Practices for Your Credit Union
Forms are Important. The reality is, credit union forms are important. Many credit unions will choose a forms provider for ease or convenience, without really fact-checking the company. Failure to do this could cost you in the long run. Fines can be levied by any examiner who walks through your door. This is scarier than any haunted house you could visit on Halloween. Therefore, make sure you ask a few questions. Here are some great ones to ask.
How Long Have They Been in Business? This speaks to quality and experience. Typically, companies that have been in business for longer periods of time provide a better product. In addition, they are more familiar with the ins and outs of regulations and updates. Oak Tree Business Systems, Inc. has been providing forms for the credit union industry for 30+ years. Oak Tree certainly knows a thing or two about compliance.
Are There Checks and Balances in Place? At Oak Tree, we consistently work to make sure all of our forms are compliant. This means that forms are up to date regarding state and federal regulations. When you purchase a forms package from us, you can rest assured that an industry compliance examiner will pass your forms with flying colors. It’s what we do every day.
Are They Accessible? Decide to do business with the company that will be dedicated to your success. This means they should be accessible through several channels. Typically, many companies will assign one person to be a liaison for your account. However, at Oak Tree, we have several different individuals you can speak to at any time. Compliance is a big deal, and we want to make sure we are available to answer any questions you may have.
Bottom line: It’s important for you to be knowledgeable. Don’t be afraid to ask the hard questions, and press until you are satisfied with the information you have been given. Also, ask for any type of documentation you feel necessary to validate company claims. While working with other businesses is a must for operating a successful credit union, you have to make sure your bases are covered. Compliance is not an issue to take lightly. Make sure you are in the know! Get compliance support with Oak Tree. Another credit union advantage!