With the rapid changes in the regulatory environment, one lending expert reminded credit unions to be gentle with their compliance officers.
"Your compliance person isn't the most loved person in the organization so it's important that they report at a certain level and not be subject to influence by business areas of the credit union," said Bill Klewin, lending compliance leader at CUNA Mutual Group, speaking at the CUNA Lending Council's annual conference Tuesday in New Orleans.
The regulations, coupled with the effect of the new Consumer Financial Protection Bureau, will impact all areas of a credit union's operation, including debit and credit cards, home equity and consumer loans, tellers, mortgage loans, human resources, compensation plans and auditing, to name a few, Klewin said.
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