Compliance Blog

Most people think BSA is the biggest, meanest compliance beast around.  There's some truth to that statement, but it isn't the whole truth, nor nothing but the truth.   

In 2007, here are the top reasons people contacted NAFCU's compliance team.

BSA: 12.3 percent of all contacts.
Lending:  11.5 percent
Accounts (general questions): 6.5 percent
Reg Z: 6.5 percent
Truth in Savings: 5.2 percent
Board of Directors: 3.5 percent
Advertising: 3.2  percent.

As you can see: if you add up lending, Reg Z, Truth in Savings, and advertising, the four comprised more than a quarter of all contacts.  The bottom line is this: credit unions always have questions about the bread and butter of our business: making loans and savings products and services, and advertising those services to their membership. 

What am I getting at?  You can never train your staff enough on these cornerstones of the credit union industry. 

Now, here comes the shameless plug part.  Tomorrow, NAFCU will host a webcast that addresses advertising issues.  Visit this link for more details.  Jane Pannier of the Rochdale Group will lead the training.  And you NCCOs know that Jane is one of the best, if not the best, credit union compliance minds in America.  I think the webcast is a great fit based on all the lending, TIS and advertising questions we get. 

If you don't sign up, I urge you to look for training on this issue from some other source.  As I noted above, while BSA may get the headlines, lending and share products, and the advertisement of them, continue to be common areas where credit union staff needs clarification.