32 THE NAFCU JOURNAL MAY–JUNE 2022 “ It is critical as BSA professionals that we share information with everyone in our organization, but it is important to remember that changes require resources and buy-in from multiple departments. Helping people understand why the change is needed—benefits our members, improves compliance, streamlines processes— creates buy-in. ” STEPHANIE PAINTER, BSA MANAGER, DUPONT COMMUNITY CREDIT UNION as to how blockchain works, and I’m still trying to learn,” she said. Understanding how blockchain works is important because the technology is incorporated into a greater number of technology solutions used by financial institutions. “You have to know how it affects your data and processes because, ultimately, your credit union is responsible for the outcomes.” Painter recommended taking advantage of any learning opportunities related to blockchain and other emerging technologies to be able to identify how new regulations will impact the organization. “Professional associations are a good resource, for compliance officers for all sizes of credit unions,” she said. “If FinCEN puts virtual currency into a list of priorities, they will need to provide experts and resources to guide credit unions’ compliance efforts.” Preparing for Changes “It is critical as BSA professionals that we share information with everyone in our organization, but it is important to remember that changes require resources and buy-in from multiple departments,” said Painter. Communicating potential changes before the need to implement them lessens the anxiety that comes with major changes. “Helping people understand why the change is needed—benefits our members, improves compliance, streamlines processes—creates buy-in,” she said. Changes might include additional wording to disclosure documents, additional training for retail employees or new software to manage reports, but the key to success is letting people know ahead of time that changes might be needed and asking for their input on what might need to be done. “Avoid surprising people—give them time to consider what might be needed and what resources are required,” said Painter. “This gives everyone time to think strategically and avoid knee-jerk reactions that may or may not be helpful.” At this point, Mission Federal is taking a “wait and see” approach, said Soto. “We are closely monitoring public notices, engaging with our industry peers and taking advantage of trade association educational opportunities to learn more about potential changes,” she said. “As we get closer to rulemaking, we will allocate resources to address the impact on our organization.” Soto added, “The best advice I have for others in our industry is to be patient. The rulemaking and implementation process will develop over the next couple of years, and there will be twists and turns along the way.”
RkJQdWJsaXNoZXIy Nzc3ODM=