Time for Spring Cleaning of your Compliance Closet

It’s that time of year when we start spring cleaning. We dig into our closets and toss out the old and ill-fitting items. The same is true with policies and regulations. Some regulations, although not changing, need attention (just like your oldest, most favorite pair of shoes).

Take, for example, Fair Lending laws. This has resurfaced as a potential hot topic and may require some refresher training about these important rules to keep it top of mind. It’s also a good time to review your policies to see if they still fit your organization. Have you added new products or services or expanded your field of membership? Have your members experienced more cases of identity theft/fraud? All these things impact how you assess your risks and how your policies/internal controls address them. Make sure they reflect how your credit union has grown and adapted to these changes.

Once you clear out the clutter and straighten your policies you will have plenty of room in your “closet” for the latest trend – the onslaught of CFPB rule changes. Need help understanding where to start? Contact the Compliance Consultants of MCUL and Affiliates for help. They can perform an overall compliance review, as well as review your policies and risk assessments to see if they still fit. Contact them at ComplianceConsulting@mcul.org.

Submissions to Monitor should follow the submission guidelines and may be emailed. Shawn Glinis is the editor of Monitor and can be reached at 800-262-6285, ext. 449. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. MCUL reserves the right to edit submissions for clarity and space.
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