5 Takeaways from Regulatory Compliance School

by Compliance Blog

by Steve Van Beek,

Last week was NAFCU’s 2013 Regulatory Compliance School, and we had an outstanding class. Great questions, great speakers and great networking opportunities.

Here are five takeaways from School:

  • The role of compliance is changing and credit unions need to make sure their compliance function is three-dimensional
  • Credit unions need to establish a mortgage rule implementation team to manage the numerous changes
  • The actions of the CFPB and NCUA’s Office of Consumer Protection have the potential to increase reputation risk at credit unions
  • Compliance officers need a seat at the table during product development and rollout
  • No one can do it alone – compliance officers should reach out to colleagues (both internal and at other credit unions) to ensure their CU is keeping up with all the new requirements
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