Compliance: Are you ready for 2011?

This entry was posted by Thursday, 16 December, 2010
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I receive a daily digest from our Trainers Listserv, where credit union trainers can ask questions, share best practices, and  network in an open-forum format (sign up for the listserv for free here).  Yesterday morning I saw that a trainer was inquiring about what compliance training is required in 2011. It’s a great question that many ask themselves this time of year.

CUNA has a team of compliance experts on hand that know how important compliance is in the credit union industry.  There are many free resources at, including an e-guide to federal laws and regulations which describes in detail the law, regulation, and latest developments on each.

Jan Vogel is the Manager of Compliance Instructional Design here in our Madison office. I was able to chat with her on the importance of compliance training and what’s coming up for 2011:

Why is it important for trainers to be on top of the compliance training requirements?

Jan Vogel Some Compliance training is required annually so if trainers aren’t on top of compliance training they could be written up in their NCUA or State Examiner’s review.

This list outlines the training required by federal regulations and the NCUA Rules and Regulations.  In addition, for those regulations where training isn’t required by statute it is still a prudent thing to do since front line staff are usually the ones responsible for carrying out many of the compliance requirements.  And in order for them to do that, they need to know what those requirements are and in many cases “why”.  Any fines that can be levied and public relations problems that can occur for noncompliance can prove to be more costly than the dollars invested in providing staff training.

What compliance topics are new or revised for 2011?

JV – There are 4 big changes to begin in January 2011 – the FACT Act, a new model privacy form, Regulation Z, and SAFE Act. Credit Union Magazine puts out a monthly “Compliance Matters” feature that can be extremely helpful on keeping track of compliance changes. Here is a link to all compliance articles, including the Rules-Regulations-Deadlines feature

How will credit unions know what compliance training is required of them based on their location?

JV - Since state law requirements can vary, it is suggested that you check with your compliance staff, compliance attorney, or state credit union league for any additional state law training requirements that may apply to your credit union.

As Jan points out, compliance training can only help make your credit union a strong and sound financial institution that will serve as a positive force in the lives of your members. Another very important piece for your staff training is to include your credit union’s specific policy and procedures as they relate to each individual compliance requirement.

For a listing of the required regulations, along with resources CUNA has for you, take a look at this article, which was featured in OnDemand Magazine.

Jan Vogel is a Curriculum Design Manager in CUNA’s Center for Professional Development (CPD).  She is responsible for the design and production of compliance-related educational materials for credit unions and leagues.

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