The importance of compliance & security for credit unions

The nature of credit unions has always been to hold and secure sensitive information. For that very reason, many companies choose to partner with payment providers because they need someone to help them meet the highest compliance and security levels to keep their customer’s banking information safe.

As a business owner, this means you need to take security very seriously and comply with all applicable regulations. That is why it is critical to understand how processors meet security standards and what they are doing to keep your business secure. While some companies might take the fastest route to handle your payments, you need a processor that takes every precaution to ensure you and your member’s information are safe.

What is PCI Compliance?

What exactly do we mean when we say PCI-DSS? This is the most well-known compliance standard, and it was created to enact controls around how companies handle cardholder data to decrease credit card fraud. If you’re shopping around for providers, then this is one you NEED them to have.

Having a higher transaction volume and a long history are two great things to look out for when choosing your provider.

Why Credit Unions Need to Review Their Compliance

One of the most damaging things to a credit union’s reputation is a data breach. You hear it on the news all the time. Understandably, when these issues happen, stocks for even Fortune 500 companies can plummet. You can imagine how devastating the impact would be on a smaller business.

In fact, by the end of 2018, Credit Union Times reported that “By year’s end, more than 1,200 breaches affected over 560 million reported records. But some sources brought the total even higher by including estimated unreported records.”

A setback like this can leave many new or rising credit unions dead in the water. That’s why it’s crucial when choosing which payment processor to handle this sensitive information to see what level of compliance they meet and how well they stay up to date. Your business is protected from attacks and data breaches by adhering to best practices for security and compliance. It would help if you had a safe and reliable way to stay up to date with the latest compliance and security available.

It may seem overwhelming to keep up with compliance for financial institutions, but the longer you wait, the worse off you’ll be in the long run. There are always new regulations, additional ways hackers can access systems, and updated compliance rules to learn for the variety of customers/industries you service.


It’s always important to keep security and compliance in mind when choosing your next processor. Now you know the basics of areas you must master to minimize the chances of a breach. At BillingTree, we actively help you stay compliant with a dedicated compliance department, working to lower your chances of a breach. In addition, at BillingTree, there are several Accredited ACH Professionals (AAPs) on staff, for an extra level of confidence and trust.

To learn more about improving your credit union’s compliance and security, reach out today.

Anthony Fattore

Anthony Fattore

Anthony Fattore is an Arizona-born writer, currently working on multiple novels, short stories, and articles. For now, he pays the bills with content creation. He studied English Literature at Northern ... Details

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