The League’s Compliance Dept. helped CUs manage onslaught of
regulatory updates in 2010
The League’s Compliance services were one of the most in-demand
services in 2010. Our assistance in this area helped reduce credit
unions’ exposure to legal liability, better prepare credit unions
for visits by regulators and encourage proactive steps to protect the
credit union and its members from legal issues that have the potential
to affect income, member service, reputation and more. In 2010 we:
- Prepared credit unions for an unprecedented avalanche of
regulatory changes. We made 49 updates to The League's 157 ii
Releases this year to keep up with an endless run of changes to the
state and federal regulations governing credit unions. Due to our
unique combination of state and federal rules, The Wisconsin League has
one of the largest collections of searchable compliance resources
available online.
- Offered practical guidance to 116 credit union compliance
staff at the spring and fall compliance roundtables. The
sessions updated credit unions on the newest rules and regs, presented
the Office of Credit Unions’ views on compliance issues and gave
attendees the opportunity to share their insights.
- Maintained more than 1,300 searchable compliance web pages
that were visited more than 25,000 times.
- Answered more than 4,300 compliance-related calls to guide
credit union operations.
- Conducted 17 competitively-priced compliance
reviews covering credit union operations as well as BSA
reviews to help credit unions meet requirements of the Bank Secrecy Act.
The latter meets the standard for annual independent BSA program
testing.
- Sent 77 issues of our Compliance Courier newsletter to
compliance contacts at credit unions to alert them to changes in
Wisconsin laws, impending compliance deadlines, available resources and
more.
- Issued more than 20 security alerts regarding scams,
fraudulent checks and attempts to tap funds from members’ home
equity lines of credit. At least eight HELOC fraud attempts
were prevented that would have caused six-figure losses.
- Made major updates to the loan and deposit forms
credit unions order through the W.C.U.L. Services Corp.
- Updated employee handbooks drafted by The League to
reflect changes to state and federal laws.
| The League’s Compliance Dept. helped CUs manage onslaught of regulatory updates in 2010 |
