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 [...]
As financial institutions become ever more vigilant in monitoring for suspicious activity, it seems that criminals find ever more inventive ways to launder money and commit financial crimes. One of the more recent tactics involves using “dirty” money to purchase prepaid cards that can then be used by, sold by, or transferred to other parties. As a [...]
