Stephen Dedene’s peers laud him for his willingness to walk them through complicated compliance issues, his readiness to meet with industry regulators, and his significant contributions to the credit union movement.

Dedene, vice president of compliance and risk at $1.5 billion asset Credit Union ONE in Ferndale, Mich., was the grand prize winner of CUNA’s 2019 Compliance Champion of the Year award among credit unions with more than $500 million in assets.

This award recognizes credit union compliance professionals who best demonstrate achievement and excellence in compliance management, including leadership and contributions to the industry.

Dedene, who’ll be recognized during CUNA’s 2019 Regulatory Compliance Certification Schools Sept. 8-13 in Dallas, shares the biggest compliance challenges Credit Union ONE faces, his approach to meeting with regulators, and more.

What’s your background and your current role at Credit Union ONE?

Stephen Dedene: I have been at Credit Union ONE for over 16 years. I started while in college as a part-time teller and have had other roles on the member and operational side.

In my current position I am responsible for loss prevention, internal audit, exam management, government/regulatory/legislative affairs, the Bank Secrecy Act (BSA), and debit card fraud and disputes. I have a great team to work with.

I have a Bachelor of Arts degree in political science and am currently attending Florida State University College of Law in pursuit of a Juris Master’s degree with a concentration in financial regulation and compliance.

What are the biggest compliance challenges Credit Union ONE faces?

Dedene: The biggest compliance challenges relate to BSA and cannabis, and the need to balance compliance and the member experience.

Related to BSA, I have attended quite a few seminars to learn more about the cannabis industry and the impact on the BSA program. It is not as simple as whether we do or do not accept it.

The bottom line: All institutions serve cannabis-related businesses whether they admit it or not. It’s all about the processes and procedures you put in place to handle them.

The balance between compliance and member experience involves ensuring all stakeholders understand compliance risks, and that I understand what is attempting to be accomplished. This results in constructive dialogue about how to enhance the member experience while minimizing compliance risk.

I don’t want me to say, “you cannot do this,” and I do not want our member experience area to say, “compliance said we cannot do this.”

NEXT: Working with regulators