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AVCU forming compliance council
BURLINGTON, Vt. (9/7/10)--The Association of Vermont Credit Unions (AVCU) is creating a Compliance Council open to any employee or volunteer of an AVCU member credit union. The council will serve as an exchange forum among credit unions on state and federal compliance topics. It also will serve as a sounding board to represent Vermont credit unions in response to state and federal regulatory proposals. The council will first meet Oct. 4 to discuss changes to the Fair and Accurate Credit Transactions (FACT) Act. AVCU will provide a webinar presentation followed by a question-and-answer period, a follow-up discussion among participants and an open-ended discussion about future plans for the council. “Regulatory compliance has become an enormous burden for credit unions of all types and sizes,” said Joe Bergeron, AVCU president. “There are many resources available to help credit unions, including AVCU’s Compliance InfoSight website, webinars, listserves, teleconferences, and much more. What we hear from the majority of credit unions, however, is not about a lack of information, but the time to review and understand it.” Bergeron said he envisions the Compliance Council meeting once each quarter, using webinars and teleconferences as informational resources, jointly sharing sample documents, and cooperatively creating new ones via a council website.


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