Regulatory Compliance for Credit Unions
Today more than ever, ensuring your credit union is in compliance with regulatory requirements is a necessity.
There is a rapidly increasing amount of consumer protection requirements and the requirements are more complex. Both NCUA and state examiners are sharpening their focus on regulatory compliance.
Members expect you to comply with the law. Regulators require periodic BSA Independent Testing, a centralized compliance management program, and ongoing compliance testing. RSM McGladrey offers a first-rate comprehensive solution to these requirements that is effective and affordable.
How we can help
First, our BSA Independent Testing methodology fully meets the requirements of the FFIEC Examination Manual and NCUA’s standards. Our methodology is familiar to examiners because they routinely scrutinize our workpapers and are comfortable with our testing program. We understand that BSA compliance is a growing expense to credit unions so we constantly seek to streamline our processes to complete the testing in less time while providing the level of service you expect.
Second, our ongoing compliance assistance service provides your credit union with a centralized compliance management program. We establish a compliance committee, provide a compliance policy, and implement a quarterly regulatory compliance testing schedule. Following each quarterly test, we meet with the compliance committee and discuss our findings and present solutions to compliance challenges. We assist in making the necessary adjustments to correct violations.
We also notify your staff of regulatory changes and assist with updating your policies, procedures, and practices. And whenever you need any advertisements reviewed or have day-to-day compliance questions that arise, you can make use of our compliance helpline at no additional cost.
Third, we perform one-time compliance testing. We can test every area of the credit union for compliance or you can target testing to specific areas such as real estate lending, web site, share accounts, privacy, etc.
In sum, we can significantly decrease your regulatory compliance burden. We focus on providing you with solutions to compliance violations. And we don’t just find as many violations as possible and then leave — we stay involved with your credit union as long as necessary, ensuring long-term compliance.
Why RSM McGladrey
Our team of Credit Union Regulatory Compliance Consultants devotes 100% of their time to credit union compliance, dedicating significant resources to maintaining our reputation as one of the preeminent compliance firms in the country. Regulatory compliance is too important to ignore, and too important to trust to just anyone. RSM McGladrey assists hundreds of credit unions because we have gained the respect of credit unions and examiners alike.
RSM McGladrey has been providing advisory services to credit unions for over 30 years. We are the nation’s largest and fastest-growing credit union practice serving more than 750 credit unions nationwide
