Reading the UDAAP 'tea leaves'

Compliance expert certification: more than just 'knowing'

July 31, 2023

In the credit union world, many individuals understand the rudimentary aspects of compliance. However, being certified in compliance is a different ballgame. Why? Because "knowing" and "certified" are two different realms of understanding.

In a constantly evolving regulatory landscape, seeking out additional resources on regulatory changes becomes essential. This diligence goes beyond just reading the rule and making an internal decision. It involves sourcing for new interpretations of the federal regulations and being able to prove that you have taken the necessary steps to ensure your policies and procedures align with these regulations.

Credit unions function within a web of intricate federal financial regulations. These regulations pertain to various areas, from mortgage lending, consumer lending and deposit accounts, to general operations and NCUA rules and requirements. Every credit union employee – be it a lender, a member service rep or a branch manager – is touched by these regulations in their daily job.

Hence, it's crucial to not only be conversant with these regulations but also become an authority in them. That’s where the Credit Union Compliance Expert (CUCE) certification at CUNA Regulatory Compliance Certification School (RCS) comes in. With the CUCE certification, you become the authority in your credit union.

A CUCE-certified staff member shows preparedness. It signals to auditors, regulators, senior staff and the board that your credit union is well-versed with compliance requirements and up-to-date on recent changes. Having a CUCE designation is a clear indicator that your credit union takes compliance training seriously.

With a plethora of options available to credit union professionals seeking certification, what sets the CUNA opportunity apart?

The answer is quite simple: foundational knowledge and continuous updates. RCS: Introduction is the only school that covers foundational knowledge of federal financial regulations in all areas of the credit union. RCS: Update, on the other hand, provides important updates on regulations that may have changed since you initially earned your CUCE or since you last attended RCS: Update. This track also provides professional development that goes beyond the regulatory updates and compliance nuances, which make it an excellent opportunity to attend annually for continued growth.

A 2022 attendee wrote, “You learn a lot from attending these sessions. Even if each area is not your core business, you still know enough to be helpful when making business practice decisions.”

Remember, in today's compliance landscape, just "knowing" isn't enough. It's about becoming an authority and staying current, and CUNA Regulatory Compliance Certification School provides the best platform to achieve this. Becoming CUCE-certified is a step that can make your credit union's compliance life easier, efficient and above all, more competent in the face of regulatory complexities.

Jess MacLagan is an instructional design manager at CUNA.