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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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NV LOAN GROWTH: PRE-RECESSION LEVELS updated 08/19/14 12:28 PM
California Lending Almost Doubles
Industry-wide loan growth at Nevada credit unions in the second quarter nearly hit levels unseen since the same period in 2005—a phenomenon mirroring a positive trend in California and across the nation.

REMOTE DEPOSIT CAPTURE FUNDAMENTALS updated 08/19/14 10:54 AM
Timing, Regs, and Risk Management
Remote deposit capture in home banking and mobile banking is quickly becoming a must-have feature. Although credit unions have many options for how to provide this service, questions abound regarding availability of funds and risk management.

CATALYST LOAN PROGRAM NEARS 50M updated 08/18/14 04:19 PM
California Credit Union Participation
Since its launch a few months ago, Catalyst Corporate FCU’s loan participation program has helped nearly two dozen credit unions—including California credit unions—sell and buy more than $46 million in loans.

CFPB LEADER HEARS OVERDRAFT CONCERNS updated 08/15/14 02:38 PM
Regulatory Issues Discussed
Minimizing the impact of current rules, pending proposals, and contemplated requirements were key themes of a meeting Wednesday between the Credit Union National Association (CUNA) and Consumer Financial Protection Bureau (CFPB).