Avoid These Costly Credit Union Compliance Mistakes

By Preston Packer |

Jun

23

Staying ahead of the ever-changing credit union compliance rules and regulations is no simple feat. For credit unions big and small, compliance is identified as a top critical issue they face every day. When compliance mistakes are made, the credit union takes a hit financially, and this hit can be detrimental especially for smaller credit unions. In order to keep the lights on at your credit union, here are 4 compliance mistakes you should avoid making.

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7 Simple Credit Union Compliance Tips

By Preston Packer |

Jun

21

Banking is a critical function in our world. Its success relies on consumer trust in financial organizations to safely and wisely protect and invest their cash. However, it's an industry built on the almighty dollar and naturally attracts a criminal element. So it needs to be safeguarded from those that intend harm. It needs a protector. Compliance is the watchdog of financial institutions and their members. Although burdensome at times, a thorough set of regulations can help prevent, identify, and catch threats to our investments. To be successful in this business, your CU needs to make compliance an absolute top priority. Here are seven simple ways to help you do just that.
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Don't Have the Resources for a Full-Time Compliance Officer?

By Preston Packer |

Mar

28

Running a successful credit union takes strategic budgeting to get the most out of every dollar. You need to offer best-in-class services without "breaking the bank." Success equally relies on smart investments in membership. A CU with a membership full of loan defaulters and money launderers is not going to be around very long. CUs need to screen their potential members and monitor transactions to stay aware and in front of potential red flag situations. This is a job for trained compliance and risk officers - staff members tasked with leading the due diligence on member history, account behavior, and transactions to detect and prevent potentially costly mistakes. But what if, like most small to mid-sized credit unions, you can't afford one?
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Five Fast Facts about AML

By Preston Packer |

Mar

24

Money laundering is dirty business. One that the U.S. government has been trying to clean up since 1970. Laundering is used to hide criminal and terrorist activities by inserting "dirty" money into the legitimate financial system, "washing" it around financial institutions through transfers, until it comes out looking "clean." These ill-gotten gains can impact the global economy as much as our own. Here are some fast facts about the Anti-Money Laundering rules to help your CU take on the seedy underbelly of criminal financing. 

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5 Freedom Fighting Facts About OFAC

By Preston Packer |

Mar

22

Think the Office of Foreign Assets Control (OFAC) isn't exciting to talk about? Think again! Here are 5 facts about OFAC that apply to credit unions and can add some zest to an otherwise heavy compliance requirement.

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7 Areas Credit Union Software Should Ease Risk Compliance

By Preston Packer |

Mar

15

Some risks are easy to recognize, and the decisions you need to make to mitigate these risks are obvious. Don't invest your life savings into lottery tickets. Don't drive a car at high speeds using a spare tire. Don't jump out of an airplane without a parachute. However, the risks credit unions face are much trickier to identify, analyze, and determine acceptable outcomes. While extremely difficult and multifaceted, taking steps in the right direction of calculating and mitigating risk can help prevent fraud and ensure the financial success of your credit union. Risk analysis should not be a time-consuming burden. The right credit union compliance tools in your arsenal can automate procedures. Here are seven areas where your credit union technology should facilitate the mitigation of risk. 

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