Ramping up to Compliance is No Easy Task
in Compliance & Regulatory
By: Nicola Foggie, NJCUL Vice President, Compliance and Regulatory Affairs

Staying current on the latest compliance information and regulatory changes is one of the best ways credit unions can get into, and stay in, compliance. Education is the key! Compliance education and training sets the foundation for a low-risk environment that will ensure your credit union's opportunity for sustainability. The New Jersey Credit Union League is your one-stop-shop for comprehensive compliance education and training. The League's Compliance Center has a variety of educational resources available all year round that include convenient and free Webinars, regulatory topic-specific presentations, update sessions, roundtables, workshops, and an annual compliance conference, as well as customized learning for groups or individuals. Training is available to credit union CEOs/managers, staff, directors, and volunteers.

Some credit unions are already behind the compliance curve.  Regulatory rule changes continue to ramp up and a number of them became effective just in the 1st and 2nd quarters of this year:

  • CFPB’s HMDA Revisions and Mortgage Servicing Rules
  • DOD’s Military Lending Act amendment
  • NACHA’s Same Day ACH – Phase III
  • FinCEN’s BSA Customer Due Diligence*

…with more to come as NCUA ramps up its Call Report Modernization project expected to be complete in 2nd or 3rd quarter 2019.

*Click here to access NJCUL’s most recent archived webinar titled, Beneficial Ownership is Here: Customer Due Diligence (CDD); and here to gain access to more information directly from FinCEN’s, as well access to its FAQs on the CDD changes.

Want more information on NJCUL’s Compliance Solutions?  Having examination challenges? Contact Nicola Foggie at nfoggie@njcul.org.