Mark & Rick travel down a compliance journey today to talk about best practices in compliance and some of the pitfalls of not keeping on top of it at your organization.  

Connect with Rick and his team at https://compliance4creditunions.com/

IN THIS EPISODE:

• [02:47] Rick shares his background and current position at Compliance 4 Credit Unions.
• [07:56] Rick discusses what has surprised him as the credit union space was developing. 
• [10:56] Expertise in the field, as opposed to being a generalist, has made a difference in the operation of credit unions.
• [12:55] An explanation of the new NCUA rule. 
• [22:17] Rick talks about the difference between having expensive staff and hiring outside help. 
• [26:13] What hot buttons does Rick see coming, and what items need monitoring? 
• [30:43] Rick refers back to his best crazy stories. 
• [33:55] Rick invites listeners to check out the references for Compliance 4 Credit Unions and to feel free to contact him. 

KEY TAKEAWAYS: 

• The NCUA rule will make significant changes, resulting in a better working atmosphere at the credit union site.
• Make sure you remove private information when sharing document templates.
• The new NCUA rule will assist credit unions in dealing with difficult members. 

RESOURCE LINKS:

Mark Ritter Website

Compliance 4 Credit Unions Website

Ricks Email

BIOGRAPHY: 

Rick Wargo is the Chief Operating Officer of Compliance 4 Credit Unions, a collaborative compliance consulting CUSO.  Rick has nearly 30 years of experience working with financial institutions, chiefly credit unions.  He started his career with the Pennsylvania Department of Banking and then devoted 24 years to the credit union movement, serving in compliance and advocacy roles for the Pennsylvania Credit Union Association.  Rick also gained valuable transactional experience as an Assistant Counsel for PHEAA, a student loan servicing organization.

Rick re-entered the credit union space in 2017, serving as an independent consultant.  That journey spawned the creation of Compliance 4 Credit Unions in 2019.  Rick continues to build the CUSO’s infrastructure while advancing the compliance interests of participating credit unions.