Image Image

Image

News Archive

Image  ...because of compliance demands

 

Latest in a series about the value of League membership

 

Compliance remained one of the most in-demand League services in 2013. This assistance helps to reduce credit unions’ exposure to regulatory penalties, prepare credit unions for visits by regulators and protect the credit union and its members from liabilities that have the potential to affect income, member service, reputation and more. So far in 2013 we:  

 

  • Made 79 updates of The League's 163 ii Releases to keep up with an endless run of changes to the state and federal regulations governing credit unions. Two completely new releases on the ability-to-repay/qualified mortgage rule and on funding and liquidity risk management were also added.

 

  • Offered practical guidance to 96 credit union compliance staff at the spring and fall compliance roundtables. The sessions updated credit unions on the newest mortgage rules and other regs, outlined the compliance issues with ARMs, presented the Office of Credit Unions’ views on compliance issues, and gave attendees the opportunity to share their insights.

 

Compliance remains daunting

 

  • There were more than 4,000 pages of new and changing regulations in the first half of 2013
    - Federal Reserve, NCUA, CFPB, August 2013

 

  • 75% of CEOs feel it is "very challenging" to remain in compliance
    - CUNA 2012-13 E-Scan Report
  • Bolstered real estate lending compliance for 77 credit union staffers with programs on basic closed-end home equity lending and on HELOCs.

 

  • Presented Keys to Compliance Webinars on 9 topics to 39 credit unions, allowing multiple staff members to participate live or view the archived webcasts later.  

 

  • Maintained 869 searchable compliance web pages containing thousands of linked resources.  

 

  • Answered more than 2,500 compliance-related calls to guide credit union operations.  

 

  • Completed several competitively-priced BSA compliance reviews to help credit unions meet requirements for annual independent Bank Secrecy Act program testing.  

 

  • Sent 53 issues of our Compliance Courier newsletter to compliance contacts at credit unions to alert them to changes in Wisconsin laws, compliance deadlines, available resources and more.  

 

  • Monitored regulations to prepare for major updates to the loan and deposit forms credit unions ordered through the W.C.U.L. Services Corp. 

 

  • Continued to update employee handbooks drafted by The League to reflect changes to state and federal laws.  

 

"League membership allows credit unions to access one of the largest collections of searchable online credit union compliance resources specifically tailored to our unique combination of state and federal rules," said John Engel, Director of Legal Affairs.

"We've strived to make the compliance content on our website a one-stop-shop that addresses the most common compliance-related questions our members pose. And those resources break down some extremely complex issues so that credit unions can feel confident they have their compliance bases covered."

 

"Employees charged with compliance responsibilities often wear many hats," Engel said. "So our resources make compliance not only more understandable, but explain what to do or not to do given particular circumstances so that staff can expedite compliance decisions with less time away from serving members."

 

He encourages credit unions struggling to juggle compliance responsibilities to look into the Compliance Specialist Program through The League Services Corp. The program draws upon the compliance resources at The League and adds personnel to the equation. Instead of stretching your staff to try to keep up with compliance, a trained specialist tackles the issues for you.

 

"This program gives you a Compliance Specialist that divides his or her time with several credit unions in your area," he said. "That allows credit unions to use the help of a Specialist as much as needed – a lot or just a little – depending on what needs doing and what they can afford. Credit unions of all sizes and staffing have used the program to make leaps ahead on compliance workload."

 

For more information on the program, contact Jo Whiting at (262) 408-6044.

Watch League News for more about what we have accomplished together in 2013 as a united League. Our entire article series is being archived as it unfolds at www.theleague.coop/membershipmatters.

 


Our entire article series about what we have accomplished together in 2013 as a united League is archived at www.theleague.coop/membershipmatters.


©2005 Wisconsin Credit Union League. All rights reserved.
Site powered by iMIS.