We all know that ignorance is no excuse for failing to obey thelaw. Yet maintaining razor-sharp knowledge of the rules governingfinancial services is a fulltime job. To really do it right, creditunions need a person — sometimes many people — to create and followa calendar of proposed and final rules, train staff on the ins andouts of compliance, and make all the program and operationalchanges necessary to follow the rules.

But for many credit unions, a staff person to do that fulltimejob just isn't viable. Those of us at the league level havewitnessed first-hand the struggles faced by credit union executiveswho want to play by the rules, but aren't entirely confident theyknow what the rules are.

Where most credit unions and league personnel get stuck isn'tnecessarily in the reading of the rules. After all, they aregenerally written in black and white and publicly accessible.Rather, we want to understand exactly how those rules will beinterpreted and what steps need to be taken at the credit union toensure compliance by any number of deadlines.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.