Regulatory Compliance Services for Credit Unions
The financial institutions industry faces a whirlwind of regulatory changes year after year, and credit unions find themselves at the forefront of this regulatory storm. With oversight increasing from every angle, credit unions must navigate a complex landscape to ensure they meet compliance standards and avoid the pitfalls of damaged reputation, legal battles and hefty fines. All while maintaining their core values and commitment to members.
Doeren Mayhew thrives in providing regulatory compliance services tailored specifically for credit unions. With over 45 years of industry expertise, our team of regulatory compliance specialists bring a blend of technical know-how and strategic insight to the table. We're here to decipher the complexities of regulations, establish robust monitoring measures, anticipate emerging risks and streamline administrative hurdles through a comprehensive range of compliance services designed to empower credit unions to thrive in a challenging regulatory environment.
Decoding Your Credit Union’s Regulatory Compliance Effectiveness
Designed to help you take a proactive approach to maintaining regulatory risks in your credit union, our risk-based credit union regulatory compliance audits approach helps bring issues with existing credit union regulatory compliance programs to the forefront. We identify opportunities for more effective and sustainable compliance processes by:
- Performing a customized risk assessment and determining risk levels for each regulation
- Providing recommendations and prioritizing action steps
- Developing an executable regulatory compliance plan that our team of regulatory compliance advisors can carry-out, either in a co-sourced or outsourced capacity
Laser-Focused on Credit Union Regulatory Compliance Services
When it comes to regulatory compliance services for credit unions, you’re looking for an experienced credit union compliance consulting firm with unparalleled knowledge, industry expertise and client focus. Doeren Mayhew’s regulatory compliance pros are your answer, with credentials including:
- Certified Regulatory Compliance Manager
- Certified Compliance Office
- Certified Internal auditor
- Credit Risk Certification
- Advanced Certified Anti-Money Laundering Specialist
Regulatory Compliance Services for Credit Unions
- Deposit, lending and operational regulatory compliance audits, such as:
- Automated Clearing House (ACH)
- Bank Secrecy Act (BSA)
- SAFE Act
- And many more
- Compliance risk assessments
- Regulatory guidance interpretations and development of implementation plans
- Employee and Board of Directors compliance training
- Policy and procedure development
- Compliance planning
- Standardized compliance tools
- Examination preparation
- New product/service line compliance implication analysis
FAQ
What is regulatory compliance in financial services?
Financial institutions must comply with the federal and state regulations that govern them. For example, credit unions must observe laws created by the Bank Secrecy Act (BSA) or the Fair and Accurate Credit Transactions Act (FACTA).
What are regulatory compliance services?
Regulatory compliance services involve employing a business or consultant to assist in ensuring a financial institution complies to financial standards, laws and regulations.
Why hire a regulatory compliance consultant?
Regulatory compliance consultants review a credit union’s policies and procedures, ensuring that it is following state and federal regulations. Regulatory compliance specialists conduct a risk assessment to evaluate each department’s operations, suggesting improvements as needed. With a wealth of experience, regulatory compliance consultants can pick up on inconsistencies or gaps in operations that could otherwise lead to significant penalties.
Whether you’re looking for Doeren Mayhew to handle all or a portion of your credit union’s regulatory function, rely on our team to help relieve the burden placed on your internal resources. Contact us to find out more about our regulatory compliance services for credit unions.