Call In The Cavalry: Pa. Plan Cuts Costs
HARRISBURG, Penn.-The Pennsylvania CU Association it making it more affordable for small credit unions to call in the league's "Compliance Cavalry."
Started in 2009, the service allows credit unions to "rent a compliance officer" instead of hiring employees or trying to manage a growing compliance burden with current staff.
"We are piloting using the Compliance Cavalry in a joint mode where several small credit unions can share the cost of the service," said Richard Myxter, AVP for credit union development. "Let's say a small, $5-million credit union does not have the resources to hire a compliance cavalry person, they can pay for part of the person's time by spreading the cost across other credit unions."