So, what are the implications for credit unions as they navigate regtech?

Keep your regulatory experts close at hand. As you adopt new technology to improve internal efficiencies around regulatory compliance, keep your regulation experts close. They alone can be responsible for knowing if your technology is performing what it needs to do, and regardless of your technology, your credit union is ultimately responsible for compliance.
Adopt the right attitude about regulatory compliance. Regardless of what we might feel, regulations exist to protect members, not to drive you mad. It's important to remember this is the ultimate goal when administering to regulatory tasks. An open mindset will go far to help your credit union succeed at managing regulations and will also provide space for innovative ways to problem-solve as issues arise.
When challenged by keeping informed of new and changing regulations, leverage the cooperative spirit of credit unions to reach out and collaborate. Ask others how they interpret regulations or join a group, trade association or CUSO, to gain access to other compliance specialists.
When choosing regtech, insist that the product integrates well with your core system. As new regtech continues to rapidly enter the marketplace, core providers will endeavor to better align their systems' API with new and upcoming technology.

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Burdens and Pain Points: Regtech to the Rescue!