The Ohio Credit Union League, devoting attention to what it calls the compliance "explosion" hitting both large and small credit unions, is looking to form a year-end partnership with its Georgia counterpart to provide on-site compliance specialists operating on more formalized monthly contracts.
League officials said that up to now the league has relied on seminars, hotlines and other services to aid its member CUs on compliance problems, but has decided to intensify the process under a deal set to be signed with Georgia Credit Union Affiliates.
"We've been looking for a long time at developing a shared partnership with GCUA, which can provide the onsite training at reasonable rates," said David Shoup, vice president of regulatory affairs for the Ohio trade group.
GCUA, identified as one of the early innovators in developing a trained on-site staff, said its compliance specialist is set up on a lease arrangement in which its staffers review, change and implement compliance programs for two or three sponsoring CUs. The sponsoring CUs then share time and expense depending on specific needs, said the GCUA.
"Managing compliance these days has become a major chore for many small credit unions requiring greater amounts of expertise being brought to the table," said Shoup.
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