Although the financial crisis is over, credit unions still have an array of challenges to deal with to ensure that they survive and thrive in the complicated modern-day financial services marketplace.
In addition, federal and state lawmakers and regulators have taken steps that they believe will decrease the likelihood of another far-reaching financial calamity.
While those new laws and rules may reap benefits in the future, in the short term they will cost credit unions additional time and money. In this Focus Report, we touch on several important changes that credit unions need to prepare for.
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The changes include the soon-to-be up-and-running Bureau of Consumer Financial Protection, the NCUA's greater emphasis on evaluating management decisions when conducting exams and a new law that regulates caller identification.
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