Redboard Blog

I recently was invited to give a talk at the Credit Union InfoSecurity Conference in San Diego. I shared five of the hidden traps for regulatory compliance and examinations for credit unions. What follows is the lightly-edited text of that presentation.

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For most credit unions we talk to, regulatory examinations are a bit like college finals week. They cause a lot of stress and, like a cram session, your team often ends up rushing to get the examiner everything they need at the last minute.

You could say there’s a reason regulators call them exams.

But the National Credit Union Administration (NCUA) publishes detailed roadmaps to passing – the kind of study guides that only the most lenient professor would provide.

These guides are called the AIRES questionnaires. They’re easy to download and available to any credit union.

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Federal regulations have imposed a staggering burden on credit unions over the past seven years.

According to a study commissioned by the Credit Union National Association (CUNA), credit unions’ regulatory costs have increased by $1.7 billion since 2010. In that span, CUs have seen a 91 percent increase in staff time spent on regulatory activities. That’s something that credit union CEOs are paying attention to.

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Redboard began as our second-best idea to help credit unions.

Both ideas aimed to fill a need for credit unions. Our “best” idea seemed more glamorous. Describing it to colleagues who work for and with credit unions elicited oohs and ahhs. On a good day, I could imagine it changing the industry.

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