In 2022, the NAFCU regulatory compliance team provided member credit unions with a wide array of compliance assistance. The team answered more than 6,000 member questions through our direct compliance assistance inbox. In addition to our compliance hotline, the team authored numerous blogs, articles, and other tools to provide valuable compliance analysis and resources to NAFCU members. NAFCU continues to prioritize extreme member service, answering all compliance questions within one business day. Credit union compliance professionals had many challenges in 2022, from rising interest rates to increasing incidents of fraud, and the CFPB’s targeting of overdraft fees. Last year, the most frequent topics answered by the compliance team addressed the Bank Secrecy Act, Regulation Z, and Regulation E – part of these questions stemmed from various regulatory and legislative changes. Additionally, NAFCU continued to track litigation efforts related to regulatory compliance and notifies members through blogs, webinars, and other communications. The team also returned to public speaking and in-person events in 2022, with both Regulatory Compliance School and Regulatory Compliance & BSA Seminar held in-person. Members of the team presented at both events, in addition to moderating NAFCU webinars, providing trainings to member credit unions, and recording presentations for NAFCU’s first ever on-demand version of Compliance School. NAFCU’s compliance team will continue to provide timely updates to ensure NAFCU members have the most up-to-date information affecting compliance issues and will continue to provide tools and resources to help credit unions tackle all their compliance needs. COMPLIANCE RESPONSIVE RESOURCES FOR EMERGING TRENDS 25 THE NAFCU JOURNAL July–August 2023
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