Innovation is hard. But the one thing we do know is that innovation is necessary for growth, and the compliance function has a critical role to play in ensuring its success. In this whitepaper, we will talk about how credit unions are viewing regulatory compliance as a motivator, finding creative ways to enhance their products, and building product committees to enable compliant innovation.
Hiring experienced compliance professionals has become difficult. The financial industry continues to see big changes, particularly in the area of regulatory compliance. And as these financial institutions juggle new rules and regulations, their need for an individual with an expansive skill set in compliance only increases. And if they are unable to locate that person, quickly training current staff can become expensive and time-consuming.
Tremendous growth and profitability are often accompanied by challenges. Such was the case for the $116 million Towpath Credit Union, an Ohio cooperative experiencing unprecedented demand for its loan products. As the lending program grew, so too did the credit union’s need for a proactive and comprehensive regulatory compliance strategy—one that would cover each of the credit union’s product and service lines. Towpath and its compliance partner, PolicyWorks, share the story of the credit union’s journey.
This whitepaper discusses the multitude of advertising regulations facing credit unions today. And the emergence of new marketing methods and technologies rule-makers haven't even contemplated that continue to complicate matters.