The compliance burden will only get heavier in the coming year. In fact, 2013 will be busier than 2012, due to the onslaught of Consumer Financial Protection Bureau (CFPB) mortgage rules.
Your credit union should develop a compliance management system to address this overwhelming workload—the “new normal”—in an efficient way. The CFPB offers the most helpful guidance on creating a compliance management system, which consists of:
• Board of directors and management oversight, which will affect strategic planning;
• A compliance program that includes universal staff training and consistent monitoring;
• An overarching framework for responding to all consumer complaints; and
• Audit coverage of all compliance-related issues.
CUNA wrote in support of legislation Monday that is a step forward in addressing the threat of litigation under the Americans With Disabilities Act, urging legislators to consider how credit unions are being impacted by frivolous litigation.
After weeks of hurricanes, and now wildfires, it’s more important than ever for credit unions to be prepared for disasters. Federally insured credit unions are required to have disaster recovery and business resumption plans.