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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.

 
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CHAPTER FORUM, RECEPTION ENGAGES CUs updated 10/27/14 06:55 PM
Networking and Awards after 'REACH'
Credit union chapter members from across California and Nevada gathered Oct. 23 at the JW Marriott (L.A. Live) in downtown Los Angeles to attend the 2014 Chapter Forum, which offered a full day of valuable networking and educational sessions for attendees who were eager to share individual stories about the work their chapters are accomplishing.

NEEN JAMES CHALLENGES CUs AT 'REACH' updated 10/27/14 04:17 PM
'Time is the New Currency'
By Wednesday afternoon, nearly 700 credit union CEOs, professionals, industry vendors, and guests had attended REACH 2014, the California and Nevada Credit Union Leagues’ Annual Meeting and Convention from Oct. 20-22 at the JW Marriott (L.A. LIVE) in downtown Los Angeles.

CFPB, FTC HOST DEBT COLLECTION FORUM updated 10/27/14 03:31 PM
Latino Consumers Discussed
The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) recently hosted an all-day forum on “Debt Collection and the Latino Community,” which brought together consumer advocates, industry professionals, and regulators to discuss how debt collection issues affect Latino consumers, especially those with limited English proficiency (LEP).

FinCEN: QUARTERLY UPDATE ON 'SARs' updated 10/27/14 03:09 PM
Also, Mortgage Service Transfer Guidance
The Financial Crimes Enforcement Network (FinCEN) has issued its SAR Stats quarterly update, which provides information on Suspicious Activity Reports (SARs) filed through Sept. 30, 2014.