Governance risk, information technology exams and economicforecasting are on the agenda at what Ohio credit union regulatorMike Wettrich is calling the inaugural Ohio Credit Union Day, anall-day conference for state-chartered Buckeye credit unionsscheduled for Tuesday, Oct. 30 in Columbus.

Wettrich, deputy superintendent at the Ohio Department ofCommerce's Division of Financial Institutions, said the event is anopportunity for state-chartered credit union officials to interactwith, and ask questions of, their primary regulator.

After speaking at credit union trade association events,Wettrich said the Ohio regulator decided to “drive the bus” andcreate from scratch its own conference based upon topic feedbackfrom examiners.

Speakers will include Wettrich and others from the DFI, Ohio Lt.Governor Mary Taylor, Cleveland Federal Reserve Bank economistGuhan Venkatu, NASCUS President/CEO Mary Martha Fortney, Compliance Project Officer Mark Enis fromthe Financial Crimes Enforcement Network, and the CFPB's interimregional director, Rose Pickrum.

Breakout sessions will include a course on reducing risks atannual meetings and monthly board meetings. Wettrich said due togrowth, some credit unions may be violating annual meeting quorumrequirements.

“If a credit union still has the same board as it had 30 yearsago, but it's 30-times the size it was then, it might not beconducting the annual meeting like it should,” he said.

Monthly board meetings should include appropriate informationfor directors, who are expected to make strategic decisions toreduce and mitigate risks.

Ohio law requires annual training for board members, butWettrich said the law is kept flexible to accommodate $1 millionand $1 billion credit unions, which have very different educationalneeds.

“Sometimes it's as simple as having them read the CUNA magazine,read the Bank Secrecy Act or attend a trade association annualconvention,” the Ohio regulator said of the educationalrequirement.

Directors should know the basics, such as how to read a balancesheet and why credit unions are flush with deposits and strugglingto lend today. Wettrich said he thinks most directors overseeingOhio's state-chartered credit unions do understand thosebasics.

A second breakout session will focus on what credit unions canexpect from IT exams, such as inquiries into penetration testing,online users, and risks related to technology-basedservices like remote deposit capture.

“Younger consumers want those apps on their iPhone, but withthat comes the risk of maybe opening to the doors to penetrationrisk,” he said.

Wettrich didn't have an updated number of credit unions thathave RSVP'd for the event, but said he's received good feedbackfrom the 161 state-chartered credit unions in Ohio, and added ifenough attend it will become an annual event.