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News Archive

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.

©2005 Wisconsin Credit Union League. All rights reserved.
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