The power of small credit union collaboration
In the first of a three-part series, learn how small CUs leveraged collaboration to get a better handle on compliance.
The word “policy,” uttered in the presence of a small credit union leader, can send shivers down the spine. They – the policies, oh the policies – must be reviewed each year. The board must approve them each year. Rinse, wash and repeat.
And policies are only a sliver of the compliance gauntlet that a small credit union must navigate to keep the lights on.
Worse yet, hiring a professional to handle these requirements – to tackle regulatory changes, and to conduct audits and training – is, typically, unattainable for many small credit unions.
Unless.
Unless you’re one of the 14 credit unions in New York that has joined arms – with support from the New York Credit Union Association – to hire a shared compliance professional to completely manage that work.
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