A credit union compliance officer is responsible for developing and implementing procedures that help credit unions abide by laws and regulations. Compliance officers also review and update policies to ensure adherence to regulatory changes.
Credit Union Compliance Experts (CUCE) are professionals who earn a certification from the Credit Union National Association after completing specified courses. They must also recertify every three years. This intense scrutiny is necessary to ensure consistency within the credit union industry.
Credit union compliance ensures adherence to federal and state laws and regulations. Fundamentally, it mitigates the risk of regulatory breaches, safeguards consumer interests and preserves industry integrity.
In addition to regulatory compliance, credit unions are responsible for complying with minimum industry standards and internal corporate policies. These standards help an organization implement sound business practices across all aspects of its operations.
While compliance can be challenging, a CUCE is familiar with the ever-changing regulatory landscape. You must choose the best-fit professional to help you reach your goals.
The best credit union compliance experts have three vital characteristics.
Since credit unions fit in a specific niche, the compliance officer you choose must understand the industry’s functions. The credit union regulatory landscape is complex and ever-changing, so it’s best to partner with an expert who appreciates compliance intricacies.
To evaluate the compliance officer’s knowledge:
The Comply-YES! team consists of top professionals with decades of industry experience. In addition to having CUCE designations, our compliance team is BSACS, CBAP, CCBCO and CCUE certified. We have provided all-inclusive compliance outsourcing solutions such as risk assessment, development and implementation of compliance management systems, and audit and review services, to large and small asset sized credit unions.
Certification and accreditation are essential when choosing a credit union compliance officer. Besides establishing credibility, accreditation assures you that a compliance officer understands industry best practices. Independent third-party institutions supervise these professionals, ensuring strict adherence to standards.
Comply-YES! is a credit union service organization providing specialized services to credit unions all over the United States. We are subject to the same examinations and guidelines as all other credit unions, so you can be confident we know what it takes to get the job done.
The National Credit Union Administration supervises and regulates Comply-YES! The NCUA is a federal agency established by Congress in 1970 to charter and oversee credit union operations. Comply-YES! has also earned certification from the Credit Union National Association, which recently merged with the National Association of Federally Insured Credit Unions to form America’s Credit Unions.
Professionalism is an essential but overlooked trait for a compliance officer. A CUCE adds value beyond your organization’s core operations. They invest resources in providing the best possible service. They are also reliable and look forward to building longstanding customer relationships.
Always check online reviews and testimonials or ask trusted colleagues for recommendations before choosing a credit union compliance expert. At Comply-YES!, we prioritize our allies’ needs. We have a team of supportive and dedicated professionals working closely with credit unions to help them achieve their compliance goals.
In addition to the three cardinal qualities, below are four questions you should ask a CUCE before hiring them.
Credit unions must stay updated with changing laws to reduce regulatory breaches. Some companies invest in continuous education and training events, attend forums, and subscribe to compliance newsletters to be in the know.
What value does the compliance expert bring to our organization? For example, do they have access to technological resources to streamline operations? What are their long-term goals? What solutions will they implement to resolve current and imminent challenges? Choosing a well-suited CUCE can increase your return on investment.
If your organization has a dedicated compliance team, you can still outsource some functions to third-party professionals like Comply-YES! In that case, examine the agency’s collaborative skills and determine how the professionals you hire will mesh with the rest of your staff.
Compliance experts may charge different fees based on the services that they provide. For example, a stand-alone compliance project or audit will vary from on-demand hourly support. To help you plan your budget, you will also want to know how you will be charged for services. Is there an upfront cost or will you be billed at project completion?
There are many advantages to hiring a compliance expert.
Comply-YES! is a leading compliance agency providing practical solutions to credit unions nationwide. We have earned a reputation for our comprehensive industry knowledge and excellent ally relationships. Our aim is simple — to provide the best compliance services and exceed our allies expectations. Contact us to learn more about what we do.
