Surfing The Regulatory Tsunami

It's no secret the compliance burden on credit unions has increased in recent years. But exactly how much regulation has there been? And what are institutions doing to ease the burden?

 
 

It's no secret the compliance burden on credit unions has increased in recent years. But exactly how much regulation has there been? And what are institutions doing to ease the burden?

In response to increasing regulatory oversight and threats such as cybersecurity, credit unions are placing more strategic emphasis on managing risk. However, despite similar titles, the role and scope of “risk management” varies widely by institution.

In "The Many Faces Of Risk Management" Callahan Contributor Sharon Simpson shares strategies from three institutions, Capitol Credit Union, Blue Federal Credit Union, and Maine Savings Federal Credit Union.

Since the beginning of 2015, the NCUA placed a final ruling on 14 regulations. What are these regulations and how will they impact credit unions?

To learn more, read this week's Graphic Of The Week, "A Year In Credit Union Regulation," by Callahan Industry Analyst Stephanie Clark

A new study brings to light some ugly truths about executives and how they perceive their role in cybersecurity.

The study, commissioned by Tanium, a cybersecurity firm, and Nasdaq, reported more than 90% of corporate executives cannot read a cybersecurity report and are not prepared to handle a major attack…and that at least 40% of executives seem OK with that. That’s the number who said they don’t feel responsible for the repercussions of hackings.

This is a problem. Especially if any of these 40% are credit union executives. To read more about this problem, read "Cybersecurity Starts At The Top" by Callahan Vice President of Research Chris Howard.

Since the beginning of 2015, the NCUA has placed a final ruling on 14 regulations. Tim Smith had to think hard when asked how his credit union has benefited from the additional regulatory burden.

“I sat down with my risk officer to talk about this,” says the CFO, treasurer, and senior vice president at Workers’ Credit Union. “We figured we could point to some process improvements we’ve developed while working to comply.”

In "Tips To Reduce Regulatory Burden" by Callahan Senior Writer Marc Rapport, he showcases how improving processes and building relationships with regulators are two ways credit unions can ease compliance pain.

Credit union service organizations (CUSOs) have long attracted interest from credit unions interested in collaboration and innovation, but they’ve been drawing increasing regulator scrutiny as well.

The NCUA has been trying to increase oversight on CUSOs for years. That’s taken various forms, such as seeking congressional authority to examine third-party vendors and a November 2013 rule that requires all CUSOs to provide basic profile information to the NCUA every year.

The growing role of credit union service organizations in providing scale and expertise has caused increased scrutiny from the industry regulator. Learn more in "Compliance Comes To CUSOs" by Marc Rapport.

Happy Reading!

 
 

May 2, 2016


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