What can be done to help ease the regulatory responsibilities for credit unions? And what emerging technology is available to help credit unions better manage these responsibilities? This paper introduces the fintech category of regtech, and the role and promise it holds for credit unions. The author then presents a case study on how a number of different credit unions manage their regulatory responsibilities. You might be surprised to learn how asset size relates to successful regulatory management, and that regtech is a new term for tools that you might be already using.
Executive Summary
Credit unions have dealt with regulatory monitoring, reporting, and compliance as long as there have been credit unions. But the volume of regulations that credit unions manage has dramatically increased over the years (Hui, Myers, and Seymour 2016), and may very well increase in the coming years. What can regtech offer credit unions to ease the regulatory burden? What can credit unions do now to ease the transition toward utilizing technology for monitoring, reporting, and regulatory compliance? And what should credit unions do now to prepare moving forward?
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