Demangone in CUInsight on compliance awareness
Oct. 28, 2013 – NAFCU Senior Vice President and COO Anthony Demangone touts the benefits of having credit union employees from all backgrounds being aware of compliance risks in an editorial published Friday on CUInsight.
“Just as a great credit union leader must be able to navigate a balance sheet, he or she must be able to manage compliance risk,” Demangone wrote. He listed several reasons to “get over” the fear of compliance complexities and become better versed in the subject. A couple of them are repeated here:
Compliance is insurance. You’ve heard this before: You can pay me now, or you can really pay me later. If you think a good compliance officer is expensive, just try complying with a Letter of Understanding and Agreement from NCUA.
Compliance sees the future. A good compliance function at your credit union can read the regulatory and legislative tea leaves. What will happen with mortgage lending? Overdraft protection? Interchange? The better you are at compliance, the better you’ll be at addressing those questions, and more.
Demangone discussed these tips and more during NAFCU’s Management Leadership Institute earlier this month in Philadelphia. MLI returns to the city in 2014.
Read more from Demangone on the Musings from the CU Suite blog.
Demangone on CUInsight
NAFCU Management and Leadership Institute
Musings from the CU Suite blog