2020 was a difficult year for credit unions and their members, especially for credit unions that serve low-income communities. The pandemic put economic strains on everyone as businesses shuttered their doors and folks sheltered inside to protect themselves. These unforeseen changes forced CUs to adjust how they do business, and many had to revamp or transform their digital services to satisfy member needs.

This Summer, a change to checking regulations, set in motion almost ten years ago, came into effect. Here is a little history of Regulation CC along with its impacts on credit union compliance and members that your credit union needs to be aware of. 

Credit unions may have once been considered the mom and pop of the financial institution industry, but those days are long gone. Credit unions operate under similar regulatory standards as banks and experience the same threats in regards to fraud and illegal transactions. Credit unions need to have heightened awareness and modern technology to identify and mitigate fraudulent activity and maintain regulatory compliance.

Financial services are fraught with risk. Any service built around the exchange of money is going to get the attention of all sorts of ne'er-do-wells, from your average scammer to extremely advanced cybercriminal operations that are adept at hiding their tracks. A credit union must protect its members and their assets, and failure to do so will discredit your viability as a trusted institution. Fortunately, credit unions have the benefit of a network of advisory organizations to help educate and assist in the identification of threats. The right credit union technology can also provide advanced tools to detect fraud. Used in combination, these resources will help ensure you provide your members with the security they need and expect.

Cybersecurity is a systemic risk that affects all levels of business, government and ordinary people. It is such a high-risk area for credit unions that the National Credit Union Administration (NCUA) placed cybersecurity as a top focus for exams. As the cybersecurity world continues to evolve, it's important that your credit union is prepared for possible threats. Be proactive and shield your credit union from the ever-changing cybersecurity universe now.

Every time we talk about adding new services or planning for member onboarding improvement, the goal is to "reduce friction." This means when someone is trying to accomplish a goal, you help them achieve it with as little resistance and as few steps as possible. You want the experience to be easy. This is especially true during account opening as it can set the expectations for the member experience moving forward. Here is a quick reference on what a member will need and an explanation of why you need it.

Bank Secrecy Act (BSA) compliance is an integral part of credit union compliance. While large organizations are usually the ones under fire for BSA violations, CUs are just as liable for anti-money laundering laws, and in case of compliance mishaps, the penalties can be severe. According to the Federal Financial Institutions Examination Council (FFIEC), those facing money laundering charges can face up to 20 years in prison and a fine of up to $500,000. Any property related to the criminal activity, including property such as loan collateral, personal property, and even entire bank accounts may be subject to forfeiture. Banks and CUs also risk losing their charters, and their employees can be removed and barred from employment in the financial services industry. If the thought of these repercussions causes you and your credit union panic, fear not. Credit unions with a BSA compliance program in place are well-protected from BSA violations. Here’s how your credit union can better conform to BSA rules and regulations.

HMDA compliance has been looming over credit unions for many years. It was actually enacted by Congress in 1975 but wasn't transferred to the Consumer Financial Protection Bureau until 2011. The financial industry has been revamping their loan processes in order to ensure compliance with recent and more rigorous adjustments to the regulation, but what exactly does that entail? Here is the download on recent HMDA announcements and how your credit union can remain compliant.

Ambien and Lunesta have met their match, and its name is Credit Union Compliance. Compliance is a topic at the top of any credit union leader’s mind as there are a lot of looming questions and concerns when it comes to compliance, and many credit union CEOs have endured sleepless nights worrying about their state of compliance. In the digital world, there are a varied and vast amount of risk factors when it comes to data security and more rules and regulations too. Here are 5 questions that keep credit union leaders up at night.