Traversign the ever-changing regulatory environment of yesterday seems like child’s play compared with the “new normal” of today.
Encroaching financial reforms under the Dodd-Frank Wall Street Reform and Consumer Protection Act include 243 rules to be proposed, reviewed, and written.
With about 71 expected to affect credit unions, it might seem like an endless and daunting job to digest the rules, let alone comply.
Many resources can help you navigate the murky waters of Dodd-Frank. Depending on your credit union’s size and complexity, some resources will fit your needs better than others.
Here are a few to explore:
Knowing the resources are available is important, but what’s most critical is how you organize for Dodd-Frank compliance. Create a process at your credit union to handle the influx and volume of what’s coming.
To get organized:
If all this seems overwhelming, remember your credit union belongs to a larger movement—founded on the principles of cooperation and collaboration. There’s help available. At press time, the CUNA Councils were preparing to release a special report on Dodd-Frank compliance.
And remember the adage: You eat an elephant one bite at a time. Careful planning will get you to compliance—one step at a time!
ERIN MENDEZ is executive vice president/chief operating officer of SchoolsFirst FCU, Santa Ana, Calif., and chair of the CUNA Council Forum. Contact her at 714-466-8109. For more information about CUNA Councils, visit cunacouncils.org.