SAN FRANSISCO-Credit unions should prepare for an onslaught of new regulations, because the passage of Dodd-Frank means that as many as 240 new regs will be coming down the pike over the next 18 to 24 months, said Tom Morefield, president of financial services and SVP at Deluxe Financial Services Corporation.
"It's important for financial institutions to have the tools they need to keep up with the ever-changing requirements, so that they can feel 100% comfortable when it comes to regulatory compliance," Morefield said in an e-mail to Credit Union Journal.
Morefield stressed that just keeping up with new regs isn't enough; credit unions must find a way to stay ahead if they are going to successfully navigate the new regulatory environment. He stressed the importance of vendor partnerships, adding that "With the right tools, financial institutions can successfully manage their day-to-day compliance tasks and stay ahead of future regulatory changes."
