DALLAS–The "rent-a-compliance officer" program of the Texas Credit Union League is on a roll thanks to the Bank Secrecy Act with the service now showing 30 client CUs in three states, league officials said Friday.
"This is an idea we took from the Georgia league more than a year ago and we've found that both small and large credit unions in Texas seem to appreciate the idea of compliance 'house calls' for both staff training and education," said Steve Gibbs, director of compliance services.
Under the "Shared Compliance" program, as it is known, league staffers including Gibbs spend five days on site at participating CUs reviewing compliance rules and assisting staff. Fees are arranged on a cost plus basis with the league staff averaging one CU visit per week.
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"Based on our experience lately, I feel certain we'll increase the number of credit unions to 45 or more by next year," said Gibbs who is slated to discuss the progress of shared compliance at the annual Texas Credit Union League Compliance Seminar Oct. 15-17 at the Dallas Hilton Lincoln Plaza
The 30 CUs in the program are located in Texas and Louisiana and earlier this year the venture was expanded to Oklahoma.
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