Many of the compliance solutions providers that are on the market today offer a series of self-help tools to compliance officers and internal auditors. These self-help tools may include checklists, sample policies, and excel spreadsheet products to help you track and manage your internal compliance review process. This is all good stuff, but it doesn’t [...]
Search for "compliance solutions for financial institutions" in your favorite web browser and prepare to be overwhelmed. You’ll see software solutions as well as names of national and regional consultant firms. They promote solutions geared to today’s challenging examination world. So, what are best solutions on the market? Of course, since you're reading this on [...]
According to the most recent data, the most common compliance violations are in the following areas: Equal Credit Opportunity Act/ Regulation B’s requirement for joint signatures and incomplete or missing adverse action notices; RESPA/Regulation X ‘s tolerance requirements for settlements costs disclosures in the Good Faith Estimate; National Flood Insurance Act/ Part 760 of the [...]
The lowest-cost compliance resource undoubtedly remains the information from the regulatory agencies. Of course, they’re also the one who deliver the highest cost non-compliance adherence penalties so take that resource for what it’s worth. Nonetheless, the information regularly produced by the federal agencies is extensive and available at no material cost. As would be expected, [...]
Generally, the answer is “yes”. However, it will depend on the nature of the outsourced solution. The role of a Compliance Officer is multi-faceted. A Compliance Officer must monitor new and changing regulations and determine whether they affect credit union operations. He/she must keep senior management and the Board apprised of regulatory changes and must [...]
In the financial services area, consumer regulatory compliance refers to compliance with those laws and regulations that have been enacted to protect the unwary consumer and to ensure that consumers make informed financial decisions. There are a host of laws and regulations that have been enacted for this purpose, including among others the Truth-in-Lending Act [...]
Like any good solution, the key is fit. The compliance solution should be scalable to meet the dynamic needs and risk factors of the Credit Union while remaining within the Credit Union’s financial capacity and/or constraints. Finally, a good solution must be a fit with respect to the organizational approach of the Credit Union and [...]
Even the best compliance officer remains largely isolated within their credit union. While peer groups, conferences, and informal exchanges with other credit unions unquestionably aid the compliance officer, there remains a limit to those interactions. This is in contrast to the benefits of a shared compliance officer solution. The credit union gains exponential experience through [...]