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Summary:
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Regulators have indicated an expectation
that credit unions will constantly self-assess and self-correct
compliance problems before examinations. The most fundamental
core of a credit union’s compliance is the clear understanding
of the regulatory requirements by the credit union’s compliance
and audit staff. Not only can misunderstandings lead to
non-compliance, but the credit union’s credibility with
the examiners themselves.
This 23-course program provides
substantive guidance to avoiding the pitfalls of the regulations.
Compliance problems can lead to all types of repercussions
for credit unions, including:
- Fines by the regulators
- Poor ratings by the regulators
that harm the credit union’s reputation
- Based on violations and poor
ratings, the credit union could be considered a poor
risk
- Forced changes in practices
that could be costly
- In some cases, liabilities
for the directors that approve violating policies
- More frequent regulatory examinations
- Forced restrictions from certain
credit union activities
- Class action lawsuits
- In some cases, the credit union’s
charter could be terminated and all officers and directors
could be banned from similar roles not only in other
credit unions, but even in other corporations
- In certain instances, officers
and directors may face criminal charges
These comprehensive courses deal
with the consumer regulations at the heart of regulatory
compliance. Each course discusses the scope, penalties,
and key provisions of the regulation. Most of all, each
provides detailed instruction on how to maintain compliance
with the often-changing regulation in question. Finally,
the course concludes with interactive, real-life scenarios
where the student can practice and assess the knowledge
and skills taught throughout the course. |
