The League readies for launch of new Compliance Specialist Program

Because of the current regulatory burden plaguing credit unions of all sizes, The League has set out to provide relief by readying its new fee-based Compliance Specialist Program, which is ready to launch in January 2011.

Credit unions interested in taking part in the program have two options from which to choose, depending on their needs and what they can afford.

Compliance Specialist Program I. This option is for credit unions that need an individual who can focus chiefly on compliance, freeing up other staff to concentrate on their own areas of expertise. Specialists will generally be contracted to work with pods of two to four credit unions on an annual basis, working in-house and/or telecommuting as needs dictate. The cost for the Specialist will be divided proportionately by the credit unions involved.

Compliance Specialist Program II. This option is for credit unions that do not need or cannot afford the services of a Program I Specialist, but do need customized compliance assistance from time to time. Services will include analyzing new product or program compliance, implementing new laws and regulations, updating policies and procedures, training employees, coordinating with examiners and internal auditors during examinations, working on exam or audit findings, or attending to items that need immediate attention. Program II services can be obtained on an ala carte basis, with a set fee for each engagement.

The League has already hired three specialists who will serve as Program I Specialists at credit unions in the Sheboygan/Two Rivers area, the Wausau/Medford/Northwest Wisconsin area and the Milwaukee/Southeast Wisconsin beginning in January.

Program II offerings are also available Jan. 1. A description of the offerings and their costs will be available soon. To discuss a compliance project that your credit union needs now, contact Jo Whiting, program director for the Compliance Specialist Program and League EVP, at (800) 242-0833, Ext. 6044.