Automating Compliance Offers Gain Without Pain
Effective Jan. 10, 2014, mortgage lenders will be required to write their loans in compliance with new regulations from the Consumer Financial Protection Bureau. The transition could be easier on credit unions than the CFPB’s 3,500 pages of requirements suggest.
“There is a huge amount of noise in the industry and the situation has been wildly overblown,” said Andy Greenawalt, CEO and co-founder of Continuity Control, a New Haven, Conn.-based compliance software provider. “A lot of credit unions believe they won’t be ready, but in reality they already are and just have to work through the details.”
For a credit union the size of Acclaim, automated compliance is the only way to manage the burden, Marsh said.
“Compliance has always been overwhelming for me,” she said. “When I heard what they could do for us, it kept us from hiring a full-time compliance staffer. If I ate and breathed compliance I might be able to keep up on my own, but otherwise, no.”