BY ADAM CONSIGLIO
Only with the right talent can a credit union increase its returns and remain competitive. But how does your CU recruit top-tier team members when their services are in such demand everywhere, but in particular in the sought- after compliance realm?
The credit union system in the United States continues to experience steady growth in members and assets. According to the National Credit Union Association, as of March 31, 2015 there were 6,206 credit unions serving 99,969,794 consumers and member businesses. Together, these credit unions hold in excess of $1.1 trillion in assets. As credit unions continue to look for ways to increase returns and be competitive while effectively managing operating costs and remaining compliant, hiring the right talent and doing so efficiently is critical. This article briefly touches upon two specific areas of operations: compliance and secondary marketing.
Today’s credit unions are confronted with the increasingly daunting task of providing robust and convenient access to member services in the most secure way possible. Each year the effort to manage complex systems intensifies as credit unions struggle with the burden of compliance and the need to strengthen the integrity of their infrastructure. It seems as though new regulations and changes to existing rules and regulations occur almost daily, requiring credit unions to create numerous policies and procedures to ensure compliance and to document adequate internal controls.