Member benefit offers valuable support for compliance professionals

Member credit unions can take advantage of a little-known compliance assistance benefit that provides expert regulatory guidance at no additional cost. A new blog post breaks down the America’s Credit Unions Compliance Assistance Program, where experienced compliance attorneys respond to member questions with research and plain-language explanations of complex rules.  

Compliance professionals can send questions to compliance@americascreditunions.org, and a team member will respond within 24 to 48 business hours. “If you need a second opinion, or, you just need a gut check on something you've already researched, we're here,” said Keith Schostag, director of federal compliance.

The service is designed to function as an extension of often understaffed compliance departments. Led by a team with decades of experience across federal regulators, law firms, and financial institutions, the program often addresses common challenges such as Regulation E, Bank Secrecy Act (BSA)/anti-money laundering (AML) compliance, and fair credit reporting requirements.

"Compliance is always understaffed. I don't care whether it's a credit union, a bank, or whatever financial institution it is," America’s Credit Unions Head of Compliance Marilyn Barker explained. "Compliance people have multiple hats. They're also doing other jobs, too. So, their time is very compressed." This reality makes readily accessible resources particularly valuable.

In addition to offering this one-on-one assistance, the America’s Credit Unions Compliance Team publishes a twice-weekly Compliance Blog, produces white papers and playbooks, and recently launched a Compliance 101 series to go deeper on lengthy topics. These and other resources can be found on the Compliance Resource Library.

Access the compliance section on the America's Credit Unions website