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MnCUN Launches Program to Help Lessen Growing Compliance Burden

Rachel Anderson
(800) 477-1034, (651) 288-5527
randerson@mncun.org

ST. PAUL, Minn. – Recognizing the challenges of keep abreast of the ever-changing regulatory requirements, the Minnesota Credit Union Network (MnCUN) has launched a Compliance Services Program for its member credit unions. This program offers Minnesota credit unions the opportunity to contract for a MnCUN staff member who will help them fulfill their compliance obligations.

Providing maximum flexibility to meet credit unions’ unique needs, the program offers credit unions two outsourcing options. The first option allows credit unions to contract for ongoing assistance in managing their internal compliance programs. Through this option, MnCUN’s compliance professional works on-site at the credit union for specific number of hours each month. The second option focuses on providing credit unions assistance in completing specific compliance tasks. Credit unions can either contract with a compliance professional for a one-time request, or they can arrange for the professional to complete compliance projects on a quarterly basis.

To provide credit unions this regulatory compliance expertise, MnCUN has hired Marcia Lewis to fill the newly-created compliance & audit consultant position. Lewis has 25 years of hands-on financial institution experience that has given her an in-depth understanding of the intricacies of credit union operations. Her areas of expertise include risk management, internal auditing, training, compliance and operations. Lewis has been a certified compliance officer since 1997, and has been designated as a Certified Financial Services Auditor since 1998.

Through Lewis’ expertise, MnCUN is able to offer credit unions service on a variety of compliance topics, including:

  • Bank Secrecy Act;
  • Home Mortgage Disclosure Act;
  • Marketing/Advertising;
  • Consumer Lending;
  • Real Estate Settlement Procedures Act
  • Real Estate Lending;
  • FACT Act;
  • Credit/Debit Card Administration;
  • Accounts Payable/Expense Reports;
  • Collection Queues;
  • Vendor Management;
  • Overdraft Protection Program; and
  • Compliance Training,

“Keeping up-to-date on compliance rules and regulations can be a full-time job for credit unions,” said MnCUN Compliance & Audit Consultant Marcia Lewis. “The Minnesota Credit Union Network’s Compliance Services Program enables credit unions to bring compliance expertise in-house so that they can focus their time on meeting their members’ needs.”

The Compliance Service Program is a cost-effective way to ensure compliance with the regulatory requirements of the credit union movement. Consultants are employees of MnCUN and are managed at their expense, which minimizes the overall cost to the credit union.

The Minnesota Credit Union Network is an organization representing the state’s 139 not-for-profit cooperative credit unions serving more than 1.5 million member-owners in Minnesota. For more information, visit www.mncun.org.

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