Weeklong, On-Site Compliance Visits on Rise
Like the old at-home visits by the rural doctor, state credit union leagues are ramping up on-site compliance visits-some lasting a week at a time-under new programs debuting this fall with an appeal to small CUs from Iowa to Texas.
The latest to join the "compliance expert" trend announced this week is the North Carolina Credit Union League introducing its "Compliance Specialist Program" and hiring a former State Employees' CU lawyer and vice president, Jeanne Couchois to head up staffing.
"Jeanne's expertise will be of particular assistance to credit unions that may not have the resources to hire a full-time compliance officer," explained Kim Bohannon, league vice president of compliance and risk management in detailing plans for the on-site staff visits to assist CU managers overwhelmed by the regulatory burden.
Ever since the 9/11 terrorist attacks, the compliance task in handling new regs ranging from BSA and SARS to Reg Z and third party pacts, have become huge, said Bohannon. That job, she said, fostered a need to help small CUs cope by dispatching an expert to the CU who spends on-premise time overseeing compliance operations.
"While Jeanne will be working with the league, she will in effect be working for individual credit unions that choose to participate in the program," said Bohannon.
The Iowa Credit Union League said it, too has expanded its on-site compliance programming this year hiring a former Wells Fargo Bank executive to a three-person staff and making plans to expand into the Omaha market under a linkup with the Nebraska Credit Union League.
One North Carolina CEO, Genice DeCorte of the $25 million Greensboro Health Care CU, said a weeklong compliance visit has saved her CU thousands in expense. "I think it cost us $1,500 for the week and based on my Florida experience where I was a CEO it would have cost me $3,500."