Five Takeaways from Regulatory Compliance School; Earn your NCCO!

Written by Steve Van Beek

Last week was NAFCU's 2013 Regulatory Compliance School, and we had an outstanding class. Great questions, great speakers and great networking opportunities.  

Here are five takeaways from School:

• The role of compliance is changing and credit unions need to make sure their compliance function is three-dimensional

• Credit unions need to establish a mortgage rule implementation team to manage the numerous changes

• The actions of the CFPB and NCUA's Office of Consumer Protection have the potential to increase reputation risk at credit unions

• Compliance officers need a seat at the table during product development and rollout

• No one can do it alone - compliance officers should reach out to colleagues (both internal and at other credit unions) to ensure their CU is keeping up with all the new requirements

Congratulations to the Class of 2013 - it was truly a pleasure to spend the week examining the existing (and future) regulatory environment facing credit unions.  

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Compliance Seminar. If you missed Compliance School, consider joining us in October for our Regulatory Compliance Seminar in Nashville where we'll be reviewing the latest compliance issues facing credit unions. We're building the agenda now, so if you have any suggestions of "must cover" topics - just shoot us an email.

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Earn Your NAFCU Certified Compliance Officer (NCCO) designation. Compliance School offers the ability for attendees to sit for four examinations and earn the NCCO designation. We also offer a self-study approach that allows anyone seeking a thorough understanding of the laws and regulations impacting credit union operations. 

The NCCO exams track NAFCU's Credit Union Compliance GPS (the 2013 version) and interested persons can purchase all four exams and have them proctored by a colleague at the credit union. If you are interested in earning your NCCO exam, take a look at the following resources:

• What is on the NCCO exams?

• NAFCU's 2013 Credit Union Compliance GPS*

• 2013 NCCO Exam Study Guide (opens as a PDF)

• NCCO Program Frequently-Asked-Questions

The FAQs include this one making it clear the NCCO designation is open to everyone:

Does my credit union or organization need to be a member of NAFCU for me to pursue the NCCO designation? 

No, the NCCO program is open to everyone. Any credit union professional who desires to improve their overall comprehension and skills in the compliance arena may pursue the NCCO designation.  Currently, there are CEOs, compliance officers, internal auditors, attorneys, lending officers, risk managers, vendors and numerous other individuals who have successfully passed the exams to become NCCOs.    

*The GPS is not required to take the NCCO exams. However, it is strongly recommended as it serves as the primary text for the NCCO exams. In other words, the information needed to answer each exam question is covered in the GPS text. Additionally, keep in mind that the GPS is one per credit union (or organization). If your credit union sent one person to our 2013 Compliance School (or you've purchased the 2013 GPS), you would not need to purchase another copy.  

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Or, budget to join us for our 2014 Regulatory Compliance School where you'll receive in-person training and the opportunity to sit for the NCCO exams!