Keeping up with regulatory compliance changes and updates isn’t an easy task.
In fact, it’s the biggest struggles many credit union professionals at the CUNA Regulatory Compliance School cited as their biggest compliance challenge.
“I struggle to keep up with new regs and how fast they come out. I have no time to implement a new process before it changes. It is very hard to keep up,” one attendee said Monday.
Other key challenges attendees face:
• Lending. “It is so complex, from different loan product offerings to ‘target’ groups to mortgage loan officer annual training to questions on rate sheets [in-house versus outside brokers]. There’s so much to know and monitor.”
• Advertising, particularly Unfair, Deceptive, or Abusive Acts and Practices (UDAAP). “There’s not much familiarity in our credit union on this topic—which is broad—and I struggle with trying to get marketing to learn where to find resources in order to advertise correctly.”
• Cybersecurity and vendor management "keep me very busy.”
• Lack of resources. “I’m a compliance and audit department of one. We’re a small shop in a rural, isolated area with no information technology support. So we are struggling to stay abreast of all the threats and how to mitigate those.”
CUNA’s Regulatory Compliance School runs Sept. 20-25 in Boston.