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The advice “an ounce of prevention is worth a pound of cure” used by Benjamin Franklin in the 1700s to explain the need for fire prevention may be more helpful now in this new age of regulations. While fires caused economic hardship, so can improper regulatory policies.
In order to help credit unions prevent regulatory mishaps, PolicyWorks released its first quarterly update to PolicyAid, its online policy manual for credit unions. PolicyWorks updates and amends policies on a quarterly basis based on new regulations, Letters to Credit Unions, AIRES questionnaires and best practices. Updated this quarter was the Social Media Policy, Appraisal and Evaluation Policy, Liquidity Policy, Bank Secrecy Act Policy, and the Indirect Lending Policy.
Click here to find out more about PolicyAid.
Be sure to update your policies following new regulatory changes. Only you can prevent regulatory fires!
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