Shared Compliance Resources
09-0434-PBA-Web-Shared-Compliance

Hired, trained and certified, Credit Union Resources; Shared Compliance Specialists divide their time among assigned credit unions. Services provided include the following:

Shared Compliance Resources

  • Developing effective compliance strategies
  • Monitoring applicable laws and regulations
  • Interfacing/coordinating with management
  • Training/educational material development
  • Institution advocate with regulatory/audit professionals
  • Regulatory research
  • Coordinates issues with legal counsel*

Additional Products / Services

Due Diligence for Vendors/Third Party Service

In December 2007, Supervisory Letter 07-CU-13, Evaluating Third Party Relationships, was issued.  As a result, Shared Compliance Resources provides assembling, review and documentation of information subject to NCUA Regulatory Requirements:

  • Benchmark Process
    • Planning
    • Risk Assessment
    • Financial Review
  • Due Diligence Process
    • Background Check
    • Business Model
    • Financial Information
    • Review fro outside audits
    • Financial and Operational Control Review
  • Contract Issues and Regulator Review
  • Measuring, Monitoring and Controlling Risk

Policy Review and Development

Review, Compile and document compliance policy elements:

  • Intent to comply
  • Responsibilities
  • Establish/Include Compliance Committee (if applicable)
  • Homework – gather background information
  • Defining terms
  • Frame action in a logical sequence

Website Compliance Reviews

  • Full Scope
    • Review of all web pages for regulatory requirements
    • Assess web host vendor, contract regulatory review of third party vendors, credit union due diligence, vendor oversight and e-commerce policy and procedures
    • Review site compliance with applicable Federal Reserve, NCUA and other applicable rules and regulations
  • Limited Scope
    • Review of website pages covering compliance related items only

*SCR does not represent any of its functions to take the place of or serve as legal advice.

For more information on the services our department offers, please contact our office manager.

Deana Brown
1-800-442-5762, Ext. 6464
dbrown@curesources.coop