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CUs Tally Up the Rising Cost Of the Compliance Burden

Regulatory burdens stemming from the Bank Secrecy Act, Dodd-Frank Act and the Department of Housing and Urban Development, among others, add another layer of responsibility to credit unions day-to-day operations. Complaints of rising compliance-related costs are common, but just how much is compliance costing CUs, and how are they paying...

By Natasha Chilingerian | Updated on January 16, 2012

Regulatory burdens stemming from the Bank Secrecy Act, Dodd-Frank Act and the Department of Housing and Urban Development, among others, add another layer of responsibility to credit unions’ day-to-day operations. Complaints of rising compliance-related costs are common, but just how much is compliance costing CUs, and how are they paying for it?

Credit unions have found themselves hiring new employees, implementing new software and bringing in third parties to conduct reviews and audits in order to ensure compliance. And many say the value derived from these investments is low.

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Natasha Chilingerian

Natasha Chilingerian

Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.

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