Ambien and Lunesta have met their match, and its name is Credit Union Compliance. Compliance is a topic at the top of any credit union leader’s mind as there are a lot of looming questions and concerns when it comes to compliance, and many credit union CEOs have endured sleepless nights worrying about their state of compliance. In the digital world, there are a varied and vast amount of risk factors when it comes to data security and more rules and regulations too. Here are 5 questions that keep credit union leaders up at night.
1. Is my core system prepared for Current Expected Credit Loss (CECL) reporting?
The deadline to be CECL compliant is fast approaching, as the Securities and Exchange Commission (SEC) expects policies and finances in place by 2021 for credit unions, and many CUs are feeling the pressure to become fully compliant by this deadline. However, the process to become prepared for CECL reporting doesn’t need to stressful, as long as it’s taken one step at a time, and it begins and ends with gaps (or GAAPs)…
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