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Website Compliance Reviews: Why they're Important
Tuesday, October 15, 2013 6:45 AM

While Dodd-Franks has given us numerous regulatory priorities, Steve Gibbs, assistance vice president of Shared Compliance Resources, says we must still allocate time and resource to conduct a website compliance review.

 Gibbs says there are many reasons why a website compliance review should be performed, including:

Legal/Litigation – Websites serve a valuable purpose for an organization, including the sharing of important news and information; however it also exposes us to liability. For example, mistakes or omissions in copy can subject us to lawsuits for discrimination (Regulation B), or fraud/deceptive advertising (Regulation AA).

Reputation - We have to remember that no matter how good our intentions may be and what the truth really is, we can fall victim to “perceptions” that result from negative circumstances in which our institution’s name is associated.   This is particularly true when we speak of our internet presence through the web site.  Complaints from failure to properly disclose loan or savings rates, or even hackers entering the site and manipulating information that might be misleading, objectionable or even causes members to be defrauded can prove detrimental to a good public image.  An effective website compliance review will determine elements of importance that might negatively affect the operation of an institution’s web site, and then resolve to reinforce and protect those elements.

Marketing - The credit union can really put its “best foot forward” with a well laid-out, monitored, and consistently updated web site. Good compliance practices can even bolster the marketing effort.

Management - The website, printed and posted material are a public face to the credit union and management must take responsibility for what is reflected. 

To learn more, please visit www.curesources.coop/compliance.html. To schedule your compliance review seminar, please contact Gibbs, at (469) 385-6637 or email sgibbs@curesources.coop.