(please click ad for more information)

Current News

Relevant Information—For You, By You

INNOVATION AND COMPLIANCE: A MATCH?
updated 03/29/13 08:23 AM
Five California CEOs Give Their Take
Some may think the concepts of innovation and compliance don't go hand in hand, but credit unions are putting new tactics into action for tackling the ongoing challenge of meeting state and federal regulations.

The "usual way" of achieving this goal is being transformed, especially in light of rules issued by the Consumer Financial Protection Bureau (CFPB) and National Credit Union Administration (NCUA). Some credit unions are creating new employee positions solely focused on compliance, while others are increasingly relying on outside expertise for assistance.

Several credit unions can only balance their support staff so much before the particulars and technicalities of meeting a regulation's requirements start eating away at precious time and resources. "We leverage technology and automate processes wherever we can, but ultimately compliance is just plain hard work," said Bill Birnie, CEO of Eagle Community CU.

In light of the evolving regulatory world credit unions are living through, the editors of Credit Union Digest asked Birnie and four of his fellow CEOs the following question: How is your credit union innovating to meet old and new regulatory and compliance challenges?.

Click here to read their responses on pages 6-7 within the April/May edition of Credit Union Digest.

Their answers give a cross section of strategies for overcoming one of the most talked-about impediments to the industry today.

                           
print   email   share   share   share
                         

LEADERS ENGAGE WITH STATE LAWMAKERS updated 04/15/14 09:44 AM
Card Security a Hot Topic
Credit union professionals and volunteers took a stand for their members in Sacramento from April 7-8 during the California Credit Union League’s 2014 Government Relations Rally (GRR)—an event that attracted more than 75 attendees and helped build relationships with state legislators.

CO-OP ANNOUNCES SHAREHOLDER DIVIDEND updated 04/14/14 01:37 PM
Patronage Pool of $30.5 Million
CO-OP Financial Services has announced a shareholder dividend pool of $30.5 million for 2013—a 17 percent increase from 2012. Since becoming a credit union-owned cooperative in 1996, CO-OP’s total shareholder patronage has been $284.8 million.

DBO REPS ADDRESS 'CUOLI' INVESTMENTS updated 04/14/14 01:05 PM
State CU Update Given
California Department of Business Oversight (DBO) Commissioner Jan Owen and Deputy Commissioner of Credit Unions Erick Orellana gave attendees an overview of the department during the California Credit Union League’s 2014 Government Relations Rally (GRR) last week in Sacramento and welcomed questions from attendees.

CONGRESSMEN CONCERNED OVER RBC RULES updated 04/09/14 01:18 PM
Questions Arise During Hearing
Reps. Ed Royce, R-CA, and Brad Sherman, D-CA, questioned National Credit Union Administration (NCUA) General Counsel Mike McKenna on the effectiveness of the NCUA's proposed risk-based capital rule during a House Financial Services Committee hearing last week.