...because of compliance demands
Part three in a
series about the value of League membership
Compliance remained one of the most in-demand
League services in 2011. This assistance helps to reduce credit
unions’ exposure to legal liability, prepare credit unions for
visits by regulators and protect the credit union and its members from
legal issues that have the potential to affect income, member service,
reputation and more. In 2011 we:
- Prepared credit unions for an unprecedented avalanche of
regulatory changes. We made 133 updates of The League's 209 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
- Offered practical guidance to 96 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.
- Presented Keys to Compliance Webinars on 10 topics
to 64 credit unions, allowing multiple staff members to participate live
or view the archived webcasts later.
- Maintained 2,737 searchable compliance web pages
that were visited more than 64,319 times.
- Answered more than 3,800 compliance-related calls
to guide credit union operations.
- Conducted 10 competitively-priced BSA compliance
reviews to help credit unions meet requirements for annual
independent Bank Secrecy Act program testing.
- Sent 64 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.
- Issued regular security alerts regarding scams,
fraudulent checks and investment schemes.
- Made major updates to the loan and deposit forms
credit unions ordered through the W.C.U.L. Services Corp.
- Updated employee handbooks drafted by The League to
reflect changes to state and federal laws.
"The Wisconsin League has one of the largest collections of
searchable compliance resources online specifically tailored to our
unique combination of state and federal rules," said John Engel,
Director of Legal Affairs. "Chances are, if credit unions have a
compliance-related question, its addressed somewhere on our site. We
often refer to this information while walking credit unions through
questions by phone. They really appreciate that we help them understand
the issues and make decisions about compliance confidently."
"We get to know our credit union contacts very
well, and have been the first call for help for many of them," Engel
said. "More and more, compliance feels like their ‘other
job’ on top of a full plate of other responsibilities, so
we’re pleased that our extensive research, analysis and resources
can lighten their load."
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 our vast resources but also offers you as much help to implement
compliance issues as you need at just a fraction of the cost to do so on
Watch League News for more about what we have accomplished together in
2011 as a united League. The League's homepage links to all of the articles
in our series.