Credit unions utilizing the New York Credit Union Association’s shared compliance specialists have seen success with the program, which continues to grow. A number of credit union leaders recently provided feedback to the Association on the shared compliance program.
The program was created in 2014 in an effort to address the growing compliance burdens faced by many credit unions. Through the program, an Association compliance specialist spends one week per month in each participating credit union’s office assisting with compliance-related matters.
Initially piloted in the Central New York Chapter, the program has since expanded to the Erie-Niagara Chapter, and plans are in place to launch the program in the Westchester-Rockland Chapter.
CEOs and managers from credit unions currently participating in the program shared the following feedback with the Association:
“The shared compliance program through the Association has become an integral position for my credit union. It has provided the expertise and attention that compliance concerns demand in such a heavily regulated time.” – Bill Carhart, CEO, Oswego County FCU
“Hands down, this has been the best money our credit union has spent. We—as credit unions—spend money on all kinds of things that help us comply with NCUA rules and regs, often things we are unable to do ourselves. This is something that we as CEOs are probably able to do, but don’t have the time to do it proficiently. It’s such a relief to me personally to have this huge task performed by someone else. We have a lot of input into the policies, but just to have someone come in and work is a godsend!” – Marie Betti, CEO/treasurer, Western New York FCU
“The shared compliance specialist is a great example of how credit unions can utilize the cooperative principals that are at the core of who we are. Without assuming the significant costs of hiring and training a full-time individual, we have gained onsite assistance with compliance research, policy and procedure design and implementation, reporting, training and auditing. We also benefit from the knowledge and best practices that the specialist is gaining as they research, implement, report and train on unique issues in each of the credit unions.” – Vicki O’Neil, president, ACMG FCU
To learn more about the program, contact Association Compliance Director Linda Bow at email@example.com.