External Compliance Assistance

Hello,

We have a full-time compliance officer who uses various sources for compliance assistance, including contacting the Virginia Credit Union League, other credit unions’ compliance officers, CUNA, and our attorneys (Kaufman and Canoles). We are evaluating the benefits of utilizing a compliance-consulting group for regulatory assistance (i.e., for special/new advertisements, when we want a second opinion about a disclosure or interpretation regarding a law/regulation, etc.).

Is anyone using a group for this? Who are you using? What types of services are they performing for you? Do they perform any assessments/audits? Are you satisfied with the service?

Thanks in advance for any feedback!

Samantha Cornell
BayPort Credit Union