EDISON, N.J. (12/31/14)--During a three-day meeting of National Credit Union Administration examiners and supervisory examiners, the New Jersey Credit Union League had the opportunity to share compliance issues and exam challenges the state's credit unions are facing.
Nicola Foggie, director of compliance at the New Jersey Credit Union League, center, shares credit unions' day-to-day compliance challenges with a group of New Jersey examiners from the National Credit Union Administration. (New Jersey Credit Union League Photo)
Nicola Foggie, league director of compliance, was invited to speak to a group of roughly 25 examiners and supervisory examiners earlier this month (The Exchange Dec. 29).
Foggie's 60-minute presentation, "Compliance Matters," included the challenges brought about by "evolving and fast-changing regulations" from the NCUA as well as other agencies such as the Consumer Financial Protection Bureau, the Federal Reserve board and the Federal Financial Institutions Examination Council.
"Credit unions' staff and resources are stretched to the limits preparing for and striving to keep up with compliance, not to mention the costs that go into updating forms and systems, when required," The Exchange noted. "Since the financial crisis, exams went from taking place every 18 months to every 12 months, which requires credit union staff to spend more time and resources preparing for exams and then responding to and taking actions based on exam results."
The league noted that the invitation to speak to the group was "very encouraging," and it also gave the league the opportunity to share the resources and programs it has to help credit unions proactively prepare for and keep up with their compliance needs.
The Credit Union National Association has an ongoing survey to collect credit unions' examination experiences such as length of an on-site exam and satisfaction with the results.