Smaller credit unions may also be able to get specialized assistance from their leagues.
Members of the Pennsylvania Credit Union Association (PCUA) demand it, says Compliance Administrator John F. Kilduff. More than half of PCUA's member credit unions have less than $20 million in assets.
PCUA offers a variety of services to small credit unions, Kilduff says, including:
SCUNet, a small credit union network offered via the league’s website;
News and information specifically for small credit unions via a monthly electronic newsletter;
Mentoring, where credit union personnel can seek advice and help on various topics from their peers;
Discounts for webinars and conferences;
Compliance assistance through a program called Compliance Cavalry, which provides consulting, training, and policy reviews;
Financial grants through a foundation that awards up to $5,000 to assist with training, education, marketing, and other needs; and
Face-to-face networking through the PCUA’s credit union chapters.
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
The CFPB is expected to release its proposal on debt collection in conjunction with a July 28 field hearing in Sacramento, Calif. CUNA has met with the bureau a number of times to address the forthcoming rulemaking.