Heard in the Halls at the GAC
Credit unions’ rite of spring, CUNA’s Governmental Affairs Conference, has now come and gone. Many credit union volunteers and professionals have scurried home for warmer climes or colder ones in the case of credit union Mecca–Madison–where they were expecting several inches of snow on top of what they already had. Here in Washington during the GAC, there were warm and cold moments as well.
Compliance, compliance, compliance. Credit unions are settling into the fact that it’s simply a part of doing business, but that doesn’t take care of the logistics. Credit unions are concerned about how to keep up with all of the regs coming out of Washington. Fortunately, technology has become a great efficiency driver in this area. Ultimately, a credit union is responsible for ensuring compliance with any regulation, so ensuring you have a partner with a strong compliance department is key to making that mountain a molehill. CUNA’s recently released exam survey results found 43% of respondents receiving at least one document of resolution during their last exam. Reactionary or not, it exists.