Calling All Policy Wonks
in Compliance & Regulatory
By: Nicola L. Foggie, CUCE, BSACS, NJCUL Vice President, Compliance & Regulatory Affairs

My name is Nicola, and I’m a policy wonk (and proud of it!)

That’s true for the rest of the NJCUL compliance team too – Donna, Sabrina, and Evelyn. But there is a very good reason why we wear the policy wonk label as a badge of honor – it is a core part of the value we provide to NJCUL members, with free use of CUPolicyPro.

We get more questions about policies than practically any other regulatory issue: to be specific, policy development, strategy and management. Policies are a consistent topic across all credit unions, regardless of size, complexity or geographic location. That’s because everyone knows a credit union’s policies will always be reviewed and scrutinized by regulators each exam.

The National Credit Union Administration (NCUA) published a video to help board directors learn about their role in properly developing, managing and monitoring credit union policies and procedures. A credit union’s policies are supposed to serve as a set of guidelines under which it will operate. We know that each written policy a credit union drafts should set the standards by which it will conduct its business. We also know that a credit union’s policies must be approved by its board of directors, but unfortunately some rubber stamp what is put in front of them.

The credit union CEO and key staff have a responsibility to keep their board directors in the loop on what policies need to be reviewed for the year, what has changed due to legislative or regulatory actions, or affected by expansion of credit union product offerings or operations. Each time a credit union creates a new policy, or amends an existing one, the board’s responsibility is to review and approve the document. They should also have a high-level comprehension of the subject as well before approving.

Are you new to the process of policy development and management? Or, are you looking for an economical online tool to draft and manage your policies? Do you need to share drafts and final versions of your policies, procedures, checklists with staff, management or board directors at your credit union? If your credit union is a member of the League, NJCUL has the solution, click here to register for CU PolicyPro. It’s a free benefit of membership.

In addition to answering questions, our team also produces regular education sessions on policies for credit union management staff and volunteers. We recently held a two-hour special session – in the first hour, CU Solutions Group’s Mary Ann Koelzer, Product Manager, Technology Products discussed efficiencies in the drafting, approval and implementation of policies. This session was designed to help credit union staff and volunteers understand how to get started, the importance of managing your policies and how you can streamline your policy management process. In the second hour, Mary Ann focused on more advanced issues typically faced by seasoned policy managers. She provided participants tips and best practices to make the most out of the online CU PolicyPro tool, including how to share draft policies with management, staff, board directors, or supervisory committee members, as well as regulators too, if necessary.

If you missed it, no worries – both of Mary Ann Koelzer’s training sessions were recorded and archived, available at no cost to NJCUL members. Just log into your account, and click here -while you’re there, subscribe to receive notifications of upcoming NJCUL compliance training and education.

Looking for compliance solutions? Need to schedule an audit? Contact NJCUL vice president, Nicola Foggie, at or call 1-800-792-8861, option1.