Board Chairman Larry Anderson said $41M Cowlitz can't keep up with new regs and technology developments. The two credit unions share a history.
NAFCU calls penalties extreme, CUNA says they are unnecessary.
Fifteen-member CU advisory group meets quarterly to discuss CFPB regulatory issues.
Banks and credit unions are the largest institutions reliant upon compliance and regulatory standards due to customer data and confidential information.
Webinar participants urged to have compliance officers operate as business catalysts.
NAFCU witness tells congressional panel that new CFPB rules add to the problem.
Rose Bartolomucci of Towpath Credit Union in Ohio testifies Wednesday to House Financial Services Committee.
While it would seem like credit card compliance issues are in the rearview mirror, now is the perfect time for credit unions to review their procedures to ensure they remain compliant.
In contrast to current meteorological trends, predictions for the coming regulatory climate, according to one consultant, show escalating temperatures with little chance of relief.
Agency handles growing number of requests as compliance gets more complicated.