League InfoSight Highlight: Now Available: You Don’t Want to Miss Our New Compliance Video
Posted: Nov 15, 2024 | Author:
By Glory LeDu, CEO, League InfoSight & CU Risk Intelligence
This year, I’ve had the opportunity to speak to a variety of audiences about the importance of having a culture of compliance within credit unions. I see a culture of compliance as having shared values, ethics, culture, and goals and administering these guiding principles through an effective compliance management system (CMS). In my opinion, this CMS must be created in partnership with the board of directors. I will have more thoughts on this in future articles, but for now, I want to focus on one of the components of an effective CMS, which is change management.
How is your credit union managing changes to laws, regulations, interpretations, and guidance? How are these changes being monitored and implemented? How is this being communicated to the board of directors?
I’ve been a compliance officer for over 25 years. The current environment is unlike anything I’ve ever experienced. This is why we are seeing a shift to independent consumer compliance exams by both state and federal examiners.
One (of the many) points of confusion is the final rules currently being held up in litigation (Payday Lending Rule, Credit Card Late Fees, UDAAP Exam Manual, Section 1033 Personal Financial Data Rights, and more). It is becoming more difficult to monitor which rules and associated effective dates are stayed and which the credit union needs to start preparing for.
We encourage you to take an hour to watch our latest compliance video on InfoSight, which covers the final rules currently stuck in litigation and upcoming final rules. You can access the video directly from the InfoSight dashboard under “Credit Union Tools” or in the upper right-hand corner under “Compliance Videos.”
Have an upcoming board meeting? Share this video with your board members or have them access it from home through InfoSight. As always, if you have any questions or comments, please reach out to me directly or [email protected].
