How can you count the number and scale of hurdles credit union compliance professionals face on a daily basis? It’s nearly impossible. But despite the deluge of regulation changes by numerous governing bodies, reporting deadlines and a whole host of other external pressures, sometimes the biggest obstacles come from inside our own organizations.

Why is that? In my experience, it’s a matter of reputation. Sadly, it’s common for other areas of the credit union to view the compliance department as the “Department of No.” Can this ACH transaction go through? Compliance says no. We’re looking to launch a new mobile payment app – do we have everyone’s blessing? Compliance says no. Do we have all of the components we need to complete this vendor review? Compliance says no. The compliance director is calling … oh no.

See what I mean? These are daily activities for various credit union staff and compliance has a hand in it all, but we’re frequently thought of as the Debbie Downers who put a halt on many projects. That’s not what we’re here for. In reality, our jobs are to act as checkpoints to make sure all Is are dotted and Ts are crossed. That’s what compliance is for – to ensure that requirements are being met so that the credit union doesn’t suffer detrimental monetary and reputational consequences.

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