Compliance: State vs. Federal CUs

Sometimes a myth gets repeated often enough that some will grow to believe it as a fact. When it comes to compliance, this is especially dangerous. Here are the two biggest compliance myths regarding credit unions:

Credit Union Myth #1: We are a federally chartered credit union, so we don’t have to follow state law.

Credit Union Myth #2: We are a state-chartered credit union, so we don’t have to follow NCUA regulations.

Let us clarify a few things . . . 

  1. As a federal credit union, you DO have to follow MANY state laws; and
  2. As a state-chartered credit union, you DO have to follow MANY NCUA regulations.

We’ve prepared a handy “cheat sheet” for credit unions to use as a reference guide or as a springboard for learning more about the compliance rules that do apply to both state-chartered and federally chartered credit unions.

Don’t believe the myths! Arm yourself with the facts.