The kindergarten compliance rulebook for credit unions
Credit unions, large and small, are more vulnerable than ever to regulatory scrutiny. The main culprit is the “potential” compliance scrutiny they face from state and federal regulatory audits. The infrastructure required to build robust compliance departments has already caused a sharp decline in the industry, and it’s the fear of what could happen that’s already causing the industry to shrink, instead of grow.
As part of our commitment to credit unions, we have been exploring solutions to the “crippling” regulatory challenges that lenders face. Recently, using our combined experience, we have worked with SWBC to develop solutions that reduce risk for credit unions that are preparing to face (or are already facin) similar challenges.
As an early entrant to the FinTech space, we were off on our merry way in 2007, building software to identify and mitigate potential full balance skip charge offs. Just before we launched our masterQueue® software in 2010, a couple of guys named Dodd and Frank walked into the bank and it changed our world, and if it hasn’t already, it will change yours as well—especially as they orchestrate a complete rewrite to the Fair Debt Collections Practices Act (FDCPA), which hasn’t been touched since 1977.continue reading »