ARLINGTON, Va.-NAFCU Director of Regulatory Compliance Anthony Demangone anticipates a "seismic shift" in compliance and a "general attack on non-interest income," though he refused to predict what 2010 could bring.
"If you tried to predict (2009) two years ago, no one would have believed that all of this would be happening," he said. "Rather than trying to guess what the next issue is, it may behoove CUs to become more flexible and beef up their compliance functions."
Demangone encouraged credit unions, and especially smaller institutions, to do some simple risk management and then tackle compliance with traditional and creative approaches, from utilizing resources at trade organizations and state leagues, to compiling a volunteer compliance task force comprised of members to using stiff audits as a way to test compliance issues.
"It's like any problem, you have to figure out what it is, look at your available resources and then make a risk-based use of those to manage the risk as best you can," he said.
