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Don’t let out-of-date forms be the elephant in the room at your credit union.
Credit Union Compliance: Always Changing
Compliance always seems to be the elephant in the room among credit union 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 credit unions 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 Credit Union Advocacy and many other credit unions. Here is how regulatory compliance is impacting credit unions:Richard Gallagher
(note: this is an older blog entry and has been edited since originally posted.)