The New Normal

Compliance is on everyone’s mind in 2014, but credit unions are discovering ways to ease the burden and support one another.

Regulations the addition, subtraction, and altering of was on the minds of credit union leaders in 2013 and is still a hot topic in 2014. With dozens of new rules on the books, how are you supposed to keep ahead of the compliance curve? The good news is, there are whispers that the rate of change will simmer down in the coming year, but that does little to comfort institutions who are worried about how to update policies and processes to accommodate the new financial environment the new normal, so to speak.

Again with the good news, credit unions have already discovered and implemented ways to overcome compliance hurdles and support one another in the process. And this week on is all about looking at where some of the opportunities in the new normal lie.

If the new qualified mortgage and ability to repay rules have you wanting to throw in the towel on mortgage lending altogether, read this week’s breakdown of the rules by Michael Emancipator, associate vice president of Callahan Financial Services.He outlines a few ways in which the new rules might benefit credit unions, especially those smaller institutions that seem to bear the most brutal brunt of compliance costs. Likewise, Callahan analyst Andrew Bolton provides a by-the-numbers look at how credit unions have managed to adapt to previous regulations Credit Card Act and Reg E, anyone? and generate marketplace advantages for theindustry. I hope his perspective encourages optimism that there’s still life in the financial services industry.

If you want to see all this theory in practice, look no further than This week we’re also providing two pieces that look at ways in which your staffing model can help you meet compliance standards. In Staffing Tips To Stem Compliance Concerns, longtime Callahan associate Aaron Pugh offers two models to help credit unions of any size figure out the best way to acquire talent and organize it properly. And in Do It Right The First Time, writer Erik Payne profiles Virginia-based Belvoir Credit Union’s efforts to maximize its compliance expertise and generate non-interest income while helping other credit unions manage their own regulatory requirements. The result, COMPASS 4 CUs, is a wholly owned CUSO that offers a spectrum of compliance options to meet a variety of credit union needs.

So read up and pass along. And if you know about a success story you think we should hear, please contact Callahan at

January 21, 2014

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