How do you manage Fear, Uncertainty, and Doubt (the FUD factor) during times of regulatory upheaval?
Financial regulation in the United States dates back to the Declaration of Independence when the fledgling states set limits on loan rates, and for the first two centuries of the country’s existence, regulatory change was infrequent. Decades would pass without major amendments. But in the late 1970s that all changed. The past 50 years have been a continuous churn of regulation and deregulation, much of it tied to which political party is in power at any given time. Anyone who has been responsible for credit union compliance since 1980 knows that changing administrations means regulatory change.
Today is no different. Right now, the FUD factor is swirling mightily in the credit union compliance industry with the anticipation over the new Biden Administration changes. Just take a quick look at our Democratic-controlled administration impact survey to see how stressed credit union decisions makers are over the future of compliance.
This whitepaper was written by our compliance assistance experts to help compliance officers take a step back and breathe, and provide actions you can take today to prepare for the unknown.
