May 1, 2014 – In a NAFCU webcast, Andy Keeney, of Kaufman & Canoles, on Wednesday discussed the nearly 50 policies required by NCUA and how credit union boards can prioritize which ones require their action.Keeney, who recently spoke at NAFCU’s Regulatory Compliance Seminar, has represented credit unions for 30 years. “My goal is to make life easier for every compliance officer, every management person, and every board of directors,” Keeney said.During yesterday's webcast, Keeney discussed the difference between policies and procedures in legal terms. He said it isn’t necessary for boards to “get into the weeds” when developing policies, and he discussed how policies are distinguished from procedures. “A policy can be considered a statement of intent or a commitment,” he said, “And that’s what I think NCUA really means; they don’t mean procedures.”Keeney went through the various requirements for policies and identified a short list of the ones that require action by boards and those which can be delegated to credit union management. He also discussed how some issues overlap with others and how grouping certain related policies together could reduce the burden on boards to review and manage policies.
The webcast, as well as Keeney’s PowerPoint on NCUA requirements, will remain available on-demand for a year.