You could say uncertainty is the only certainty in the financial services industry. In addition to the challenges of a global pandemic, credit unions are navigating constant change – whether a rapidly evolving regulatory environment, a dynamic risk landscape, or increasing member demands.
Credit unions are also experiencing a dramatic shift in how they conduct business. As members switch between branch locations, online, and mobile devices, providing consistent information across these channels is an ongoing challenge. Credit unions that weather the storms of change effectively understand that consistent communication is the most critical piece to ensuring you remain compliant and transparent.
Disclosures are an important part of building a strong communication and compliance strategy. But providing disclosures doesn’t just apply to new members at account opening. Existing members must also be kept apprised of any changes to your terms and conditions, no matter how big or small, by issuing a redisclosure to all impacted members.
Surprisingly, redisclosures are an area that’s often overlooked by credit unions. But if you aren’t communicating changes in your terms and conditions, the consequences for your credit union are high. Here are four reasons why redisclosures are essential to your credit union’s operations.
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