The Connecticut Credit Union League is determined to help credit unions cope with a rising regulatory burden by offering specialized, all-day compliance workshops, and credit unions under $20 million can the workshops free of charge.
The league, which hopes the service can be expanded to other New England CUs, is calling its six-month "Compliance School," which start in February unique among state trade groups. The program is supported by the organization's Small Credit Union Support Fund. So far 70 CUs have signed up.
The school sessions are "designed to inform, instruct, and provide workshops for any affiliated credit union in the Northeast to satisfy a wide scope of regulatory compliance requirements," said the league.
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Connecticut CUs under $20 million in assets can attend at no cost. Larger credit unions "can pay a nominal fee per person per session to attend or a discounted full-program rate." Out-of-state CUNA-affiliated CUs can also pay to attend, said the league.
Citing the cost of regulations, the league said the Compliance School was set up to assist CUs deal with "ever changing obligations amid a volatile regulatory environment." The emphasis is on "convenience and affordability for credit unions of all sizes."
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