Keeping Regulatory Costs in Check

It’s all about risk mitigation, and one of the best ways to mitigate risk is to stay ahead of the rapidly changing regulatory environment. In doing so, you protect your CU from liability, protect its reputation and maintain member trust. But the simple process of monitoring new and changing regulations doesn’t get the job done. You have to drill down much deeper. And while reaching a detailed understanding of the requirements of a new regulation is often a very complex, collaborative, labor intensive and costly process, it’s nevertheless essential. For by assessing the new rule’s impact on your CU, you can implement the necessary internal processes and available technologies needed to comply and create a successful compliance program.

EPL, operating as an extension to your CU, provides solutions designed to minimize the seemingly endless acceleration of regulatory burden. Here’s one example. In order to provide CUs with efficient compliance solutions, EPL has made a significant investment in a flexible hardware and software foundation upon which to build its compliance solutions. As a core processor and provider of software, we ensure that the system maximizes automation and minimizes the manual effort necessary to comply. Well before a new regulation or rule takes effect, our goal is to seamlessly integrate an intuitive solution into the existing software suite via customer and internal collaboration,.

The technology alone, however, is not the end all to an effective compliance program. Your CU should have in place documented compliance policies, documented procedures for identifying new and changed regulations, processes for staff and volunteer training, and a process for monitoring operations for compliance and rectifying any issues noted. 

Connecting with EPL’s compliance resources and together developing solutions to complex compliance issues bodes well in minimizing the stress of new regulation and the overall cost of compliance.          

Staying ahead of requirements – Low cost resources:

CUNA and NAFCU, and your League

                  Security – (Graham, Leach, Bliley)

                  EFT Network Rules

                  ACH - NACHA

                  NCUA – Has recently provided links to resources

                  CFPB

                  FRB

                  FINCen

                 

John Freeman
EPL
SVP Finance and Compliance