Connecticut League Offering Free Compliance to Small CUs
With an eye at helping New England credit unions cope with the regulatory burden, the Connecticut Credit Union League is offering all-day compliance workshops next year with CUs under $20 million receiving the service free.
So far 70 CUs in Connecticut have signed up.
The league is calling its six-month "Compliance School" starting in February "unique" among state trade group ventures. The program is supported by the organization's Small Credit Union Support Fund.
The school sessions from February through July are "designed to inform, instruct, and provide workshops for any affiliated credit union in the northeast to satisfy a wide scope of regulatory compliance requirements," said the league.
Connecticut CUs under $20 million in assets can attend at no cost and those above that number "can pay a nominal fee per person per session to attend, or a discounted full-program rate." Out-of-state CUNA-affiliated CUs can also pay to attend, said the league.
Citing the heightened and costly regulatory overlay faced by CUs, the league said the Compliance School is being set up to assist CUs deal with "ever changing obligations amid a volatile regulatory environment." The emphasis is on "convenience and affordability for credit unions of all sizes," said the league.
The league said it would staff the sessions with nationally recognized workshop leaders on asset liability management and economic topics with up-to-date information and hands-on instruction applying to CUs of all asset sizes.