By Jeanne Kucey, NAFCU Board Chair
In the past decade, our industry has experienced tremendous change. The financial crisis significantly altered lawmakers’ and regulators’ approach to supervision, and regulations meant to target bad actors were placed on everyone in the financial services industry. Since the crisis, NAFCU has fought onerous regulations every step of the way to ensure< that credit unions have the environment needed to thrive.
Now, 10 years later, we’re seeing the tide turn toward a deregulatory environment. Much of that can be attributed to your relentless advocacy on Capitol Hill, new technologies and innovation in the industry.
I agree with NAFCU President and CEO Dan Berger when he says there has never been a better time to be a credit union. And, going one step further, there has never been a better time to be a NAFCU member. Here’s why.
NAFCU’s mission is “to strengthen credit unions by providing the best federal advocacy, education and compliance assistance in the industry.” Our ultimate goal through advocacy is to create a regulatory environment in which credit unions can thrive. We’re making progress every day, but how do we as credit unions — with finite resources and manpower — prepare for and implement those regulatory changes? The answer: NAFCU’s education and compliance teams.
Throughout the year, NAFCU’s education team provides top-rated training and learning experiences for credit union professionals. Industry experts are brought in to share their knowledge at the 13 conferences and dozens of webinars NAFCU holds each year.
Add to those lineups NAFCU’s stellar compliance team — filled with its own legal experts who are motivated to provide the best member service possible — and you’ve got training opportunities that are hard to beat.
They also provide employees with the understanding needed to comply with laws and regulations that are the foundation of a credit union’s charter. At many of the conferences, NAFCU also offers in-depth courses for credit union employees to earn prestigious designations such as NAFCU Certified Compliance Officer (NCCO) or NAFCU Certified Bank Secrecy Officer (NCBSO).
Notably, the NCCO program has earned an ASAE Power of A Gold Award, and more than 440 credit unions have an NCCO on staff — my credit union included. JetStream uses NAFCU for all of our compliance training and support because the staff has the supplemental knowledge we need. Plus, they respond to members’ inquiries within one business day.
NAFCU’s compliance team cares about credit unions’ success and the issues we face. Their commitment is evident in the 16 amicus briefs filed in support of credit unions facing litigation under unclear Americans with Disabilities Act website requirements. It’s clear in their defense of the NCUA against attacks by bankers, including the field-of-membership lawsuit it recently won, ensuring that credit unions can continue to grow.
The conferences, webinars, legal filings and more are on top of the regular resources NAFCU offers. Three times a week, members of the compliance team publish a blog that tackles frequently asked questions, compliance deadlines and hot-button issues. They also put out monthly and quarterly publications that offer detailed explanations of recent regulatory efforts and enforcement actions.
Compliance has an impact on essentially every aspect of a credit union. Without the resources and support provided by NAFCU’s compliance and education teams, many credit unions couldn’t afford to keep running.
Make compliance less of a burden on your institution by letting NAFCU’s offerings enhance your staff and operations. That’s what NAFCU is here for.
Jeanne Kucey is the president and CEO of JetStream Federal Credit Union in Miami Lakes, Fla.
This article was published in the November-December 2019 edition of The NAFCU Journal magazine.
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