NYCUA implements shared compliance program

April 1, 2016

ALBANY, N.Y. (4/1/16)--To support credit unions facing an increasing regulatory burden, the New York Credit Union Association (NYCUA) has implemented a shared compliance program.

NYCUA is currently working with the Central New York and Erie-Niagara chapters, where a league compliance specialist spends one week per month with each participating credit union. NYCUA is considering introducing the shared compliance model in other areas of the state, based on interest and demand (The Point March 31).

The pilot program began in October 2014 with the Central New York Chapter. NYCUA Shared Compliance Specialist Jonna Dennen-Miner currently works with ACMG FCU, Solvay; Edge FCU, Liverpool; Oswego (N.Y.) County FCU; and Westar FCU, Camillus.

Because of the program’s success, NYCUA hired another shared compliance specialist, Cara Babicz. She works with Clarence (N.Y.) Community and Schools FCU; Great Erie FCU, Orchard Park; Greater Niagara FCU, Niagara Falls; Niagara Regional FCU, North Tonawanda; Riverside FCU, Buffalo, and Western New York FCU, West Seneca.

Compliance resources also are available from the Credit Union National Association (CUNA) with its Compliance Community--featuring announcements, discussion boards with compliance professionals nationwide, shared files and compliance news--and CompBlog, maintained by CUNA’s compliance experts.