Maintain Compliance for Credit Unions

In a commentary posted on Times, our CEO, Richard Gallagher discusses the importance of being up to date to maintain compliance.

Maintaining Compliance: A Lesser Burden, a Real Threat
Don’t let out-of-date forms be the elephant in the room at your credit union.

Compliance: Always Changing

always seems to be the elephant in the room among discussions. It can be found in just about every board meeting, conference, and executive luncheon. There is good reason, too. Just a few years ago, compliance threatened to close down many credit unions.

The Elephant, or Grim Reaper, in the Room?

In 2013, more than 800 had closed their doors over a four-year span. Contribution to this was partially the Dodd-Frank Act, which many institutions found to be cumbersome. The regulatory burden was too much for them. Other credit unions were swallowed up in mergers, just so they could survive. Times were scary and uncertain. During this time, compliance was not an elephant in the room; instead, it was the Grim Reaper.

Even today, compliance has a big impact on credit unions, according to Utah Advocacy and many other credit unions. Here is how regulatory compliance is impacting credit unions:

Richard Gallagher

To read more about how your can increase its lending growth opportunities go check out the CU Times article and then check out our lending documents for your credit union.

(note: this is an older entry and has been edited since originally posted.)