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...
- As a federal credit union, you DO have to follow MANY state laws; and
- 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.