Welcome to “Compliance Decoded,” a distinctive podcast presented by Aux, your trusted Credit Union Service Organization. Our mission is to transform the world of credit union compliance, making it engaging, informative, and—believe it or not—fun. Each episode of Compliance Decoded is a treasure trove of insights, packed with short, digestible segments designed for easy consumption by busy professionals.
Our expert team at Aux, boasting a collective experience of over 185 years in the credit union sector, is at the heart of this podcast. In particular, this episode showcases the profound knowledge of team members who together have over 90 years of specialized experience. Their insights are invaluable for any credit union looking to navigate the often complex and daunting landscape of compliance.
Understanding the pivotal role of compliance departments is key—they’re the unsung heroes ensuring the smooth functioning of credit unions. They not only empower management to focus on broader organizational missions and goals but also ensure operational consistency and fair member treatment. Effective compliance is a shield against costly errors and reputational risks.
“Compliance Decoded” is more than just a podcast. It’s a toolkit to help credit unions untangle the intricacies of regulations and provide actionable strategies for managing compliance roles efficiently. Our episodes are crafted to aid in the understanding and implementation of compliance in a way that supports your credit union’s growth and success.
Join us in each episode as we decode the world of credit union compliance, offering you the knowledge and tools to stay ahead in this critical field.
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Episode 6 – Navigating NCUA’s 2024 Supervisory Priorities:
Senior Compliance Manager Kristen Tatlock and Compliance Manager Jamin Carlisle join VP of Compliance Jason Clarke to discuss the NCUA’s supervisory priorities, which emphasize consumer protection laws and include scrutiny of overdraft programs, fair lending, and procedures related to the Bank Secrecy Act (BSA). Discover the key distinctions between incomplete and withdrawn loan applications and learn why comprehensive Error Resolution training under Regulation E is crucial for all staff. Our experts underscore the significance of equipping the board of directors with BSA knowledge, fostering a compliance-first culture. Plus, get insights from the Federal Reserve Board’s Consumer Compliance Outlook to enhance your credit union’s practices.
Episode Guests: Jason Clarke, Jamin Carlisle & Kristen Tatlock
Episode Resources:
(NCUA’s 2024 Supervisory Priorities) https://ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/ncuas-2024-supervisory-priorities
(Federal Reserve Board Consumer Compliance Outlook) https://www.consumercomplianceoutlook.org/2023/fourth-issue/top-federal-reserve-system-violations-2022/
Compliance Calendar & Newsletter Archive: https://auxteam.com/compliance-calendar-newsletter-archive/
Past episodes: https://auxteam.com/resources/compliance-decoded-for-credit-unions-podcast/
Facebook: https://www.facebook.com/AuxCompliance
Episode 5 – What to know about (BOI) FINCEN’s Beneficial Ownership Rule:
In this episode of Compliance Decoded, the Aux Compliance Team delves into the intricacies of the FINCEN beneficial ownership rule. They shed light on how it aims to thwart financial crimes by unveiling the true owners behind legal entities. Although credit unions have been following similar identification protocols since May 2018, recent legislative changes under the Anti-Money Laundering Act of 2020 and the Corporate Transparency Act of 2021 have sparked a wave of discussions and some confusion. The team discusses the potential for accessing the FINCEN registry in the future, and what it currently means for credit unions’ compliance procedures. Tune in to gain a deeper understanding of how these changes might affect your risk assessments and the privacy considerations under the Gramm-Leach-Bliley Act.
Episode Guests: Jason Clarke & Kristen Tatlock
Compliance Calendar & Newsletter Archive: https://auxteam.com/compliance-calendar-newsletter-archive/
Learn how Aux makes compliance stress-free: https://auxteam.com/services/compliance
Episode 4 – A Mini-Masterclass in Compliance Leadership Summary:
In this episode of Compliance Decoded for credit unions, members of the Aux Compliance Team discuss the most common challenges faced by compliance officers in the financial sector. They explore the transition into a compliance role and stress the importance of support from leadership. The team also emphasizes the need for compliance officers to be adaptable, continuously educate themselves, and develop soft skills such as diplomacy. They also discuss the importance of building relationships and networks within the organization and with other compliance professionals. Listen in to get insights on how compliance officers can effectively communicate the need for changes within the organization and maintain a proactive approach to compliance management even when everything seems to be going well.
Episode Guests: Kristen Tatlock, Jamin Carlisle, Tanner Veis, and Aaron Geller
Compliance Calendar & Newsletter Archive: https://auxteam.com/compliance-calendar-newsletter-archive/
This episode is inspired by the Consumer Compliance Outlook newsletter first issue 2023: https://www.consumercomplianceoutlook.org/2023/first-issue/common-challenges-of-community-bank-compliance-officers/
Learn how Aux makes compliance stress-free: https://auxteam.com/services/compliance
Episode 3 – Compliance Horror Stories Summary: In this episode of Compliance Decoded, the hosts discuss compliance horror stories experienced by credit unions. The first horror story involves a credit union that unknowingly sent out adverse action notices without reasons for denial for three years. Another story highlights the importance of communicating and updating processes, as a credit union mistakenly excluded business accounts from board of directors election ballots. The hosts also share examples of miscommunication between credit unions and their members, such as confusing account card instructions and misleading advertisements. They emphasize the need for collaboration, analyzing mistakes, and continuously evaluating policies and systems to avoid compliance nightmares.
Episode guests: Gaye DeCesare, Kristen Tatlock, Jason Clarke and Aaron Geller.
Learn how Aux makes compliance stress-free: https://auxteam.com/services/compliance
Episode 2 – Other Duties as Assigned Summary: Episode 2 of ‘Compliance Decoded’ delves deep into the unique world of compliance officers. Join us as three former in-house experts recount their most bizarre requests – from selling gold teeth found in forgotten safe deposit boxes to the audacious ask of completing a W-9 using the CEO’s personal SSN. Beyond the anecdotes, our panel navigates the grey areas in compliance, shedding light on addressing non-regulatory queries and providing invaluable resources to credit union teams. And as a cherry on top, Kyla presents our inaugural compliance forecast, spotlighting essential dates for credit union compliance for the year’s remainder, including Safe Act registrations, ACH audits, and the rollout of new privacy laws in select states. Tune in to stay ahead of the curve!
Episode guests: Kyla Dartez, Jamin Carlisle Jason Clarke and Aaron Geller.
Learn how Aux makes compliance stress-free: https://auxteam.com/services/compliance
Episode 1 – Beyond Regulations Summary: Recently, a credit union CEO told us “I don’t have time to read all the details, please just tell me what I need to do!” That may sound flippant, but we get it! We’ve been on your side of the table, working in and for credit unions, so we understand the frustration. It’s especially frustrating when you read through all the details only to find that the new rule doesn’t apply to your credit union, or it’s not a final rule yet, or the compliance date is two years out and it’s already been challenged in court.
Episode guests: Gaye DeCesare, Kristen Tatlock, Jason Clarke and Aaron Geller.
Learn how Aux makes compliance stress-free: https://auxteam.com/services/compliance
