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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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CO-OP SUPPORTS 'SHOP FOR MIRACLES' updated 04/22/14 11:02 AM
Fundraising Program for CMN
CO-OP Financial Services is supporting Shop for Miracles—a one-day charitable program to raise funds for Children’s Miracle Network (CMN) Hospitals—through its Miracle Match Program.

JOBS, WAGES, CONFIDENCE: THE FUTURE updated 04/21/14 12:56 PM
Silver Linings for CA, NV
People borrow money for many purposes. Buying a home, remodeling, purchasing a new car, vacations, and weddings come to mind.

CFPB RELEASES DISCLOSURE FORM GUIDE updated 04/21/14 10:25 AM
Also, CA Unclaimed Property Program
The Consumer Financial Protection Bureau (CFPB) has released a guide to completing TILA-RESPA Integrated Disclosure Forms—a companion to the small Entity Compliance Guide the bureau recently released.

'PROBLEM SOLVED' COLUMN HELPS CUs updated 04/16/14 04:30 PM
Latest in Credit Union Digest
Has your credit union taken advantage of the newest Credit Union Digest column—“Problem: Solved”?