Myth Busters! Compliance Edition 

We have compiled a list of common misconceptions about the compliance industry. 

See our first third and fourth below: 

Myth #3 – Compliance management is only necessary to avoid penalties and lawsuits 

Compliance management is not only necessary for legal reasons. It also helps credit unions maintain their reputation, build trust with members and stakeholders, improve operational efficiency, mitigate risks, and avoid financial losses. 

Pro tip: CrossState InfoSight’s Checklists and FAQs provide straightforward guidance to common operational scenarios, making it easy to understand the issue, how it can affect the credit union, and what the credit union needs to do.  

 Myth #4 – Compliance is a one-time event 

Compliance management is an ongoing process that needs constant evaluation and revision. Compliance regulations change frequently, and credit unions need to review their policies and procedures regularly and make updates as needed to stay compliant. 

Pro tip: CU PolicyPro includes quarterly content reviews to help credit unions ensure their policies and procedures stay up-to-date and compliant. InfoSight’s dashboard provides information on recent updates and allows users to customize which topics are included in the update feed.