The National Association of Federal Credit Unions has begun a certification program for credit union compliance officers.
The program requires compliance officers to pass five tests that focus on rules governing lending, deposit taking, financial privacy, debt collection, Americans with Disabilities Act, bias, and money-laundering.
The certification lasts for two years. Compliance officers can renew by retaking the tests or by taking 12 hours a year in continuing education classes.
NAFCU offers study guides to help officers prepare. Next year it will offer a week-long compliance school.
"There's no question that regulatory compliance has become a focal point for federal examiners and an area of primary concern to credit union boards of directors and senior management staff," said NAFCU president Ken Robinson.
"The NAFCU compliance certification program, unique among other certification programs, will ensure that those with credit union responsibilities possess the necessary knowledge and competence to carry out their responsibilities."
Each test is $20. Study guides cost $301 for NAFCU members and $350 for nonmembers.
- Compiled by Jaret Seiberg
