On-Site Coverage: When in Doubt, Document and Explain More
SAN ANTONIO - Disclose more to your members and make a concerted effort to comply with all the new government regulations.
That's the advice compliance expert Steve Gibbs gave attendees at NASCUS' State System Summit.
Gibbs said even though credit unions mostly act in good faith but "while one kid put the worm in the teacher's apple, everyone has to stay after school."
He said new rules regarding mortgages require more complete disclosure of balloon payments and possible penalties.
Gibbs advised credit unions to be extrenely dilligent in reviewing their operations and hire experienced loan officers.
In addition, he suggested a comprehensive assessment of interest rate risk and note this is often tied to concentration risk.
He also said be careful and thorough about your web site and see it as a virtual lobby.