6 Ways to Avoid Compliance Complacency

 

 
 
 
 
 
 
 
 

 

July 5, 2022

This was originally posted on CU Times.

In a perfect world, there would be clear-cut parameters and singular governing entities for all credit unions. However, a state’s division of financial services regulates state-chartered credit unions, and the National Credit Union Administration (NCUA) regulates federal credit unions. Additionally, there is more to consider in the governing details surrounding the credit union network. It’s an exceptional medley of federal, state, and international laws that require great attention.

The National Credit Union Administration (NCUA) issued its annual supervisory priorities at the beginning of February and while much of it builds on established guidance from 2021 there are still new areas to focus on. It’s imperative that credit unions stay alert to accounting and regulatory updates and create a plan for implementation to remain compliant.

In addition to all these moving regulatory parts, there’s still one area of precaution outside of the governing agencies credit unions should be aware of: overconfidence leading to complacency. Some credit unions may feel that because they have not been impacted by past risks, they can take more risks or simply get by without changing a thing. 

Some of this complacency is due to a lack of awareness, not knowing where to get help or how to find the expertise to reduce risk. It may be that the expertise is too expensive, but the cost of inaction could be far greater.

Read the full article here.

 

 

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