Content area
Full Text
LACEY, Wash.-It takes a village to ... keep credit unions in compliance.
That is the message from Terri Salinas, compliance director for NW Compliance Group, a standalone CUSO owned by four credit unions in Washington state. She told Credit Union Journal any advice she has for proactively addressing the compliance burden is tempered by the associated cost burden.
The approach NW Compliance Group has taken with its CUs in dealing with the increased compliance burden includes the following steps:
1. Get a feel for the current status of compliance in the credit union by conducting a top-to-bottom review.
2. Once weak areas or deficiencies have been identified, take steps to correct or improve compliance in those areas.
3. Dedicate one person to stay...