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Avoiding Document of Resolutions: 10 Essential Strategies for Credit Unions
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Episode Description:
In this special archive episode of With Flying Colors, Mark shares valuable insights from his years of experience in credit union examination and consulting. Broadcasting straight from the beach, he breaks down the top 10 ways credit unions can avoid receiving a Document of Resolution (DOR) from the NCUA. Whether you're preparing for an exam or just looking to fine-tune your operations, these practical tips will help ensure compliance and maintain a smooth examination process.
What You'll Learn in This Episode:
- Understanding Document Resolutions (DOR): What they are, why they occur, and how to avoid them.
- Key Triggers for DORs: Common issues such as violations of regulations, policies, or strategic plans.
- Proven Strategies: How to communicate, negotiate, and train effectively to avoid potential pitfalls.
- Best Practices: Mark’s insights on proactive planning, staying informed, and maintaining good examiner relationships.
Top 10 Tips Highlighted in This Episode:
- Comply with the Federal Credit Union Act and NCUA regulations.
- Follow your organization's policies diligently.
- Stick to your approved strategic plan or adjust it responsibly.
- Communicate effectively with NCUA examiners.
- Negotiate issues identified during the examination process.
- Invest in training for staff, boards, and committees.
- Stay updated with regulatory changes by subscribing to NCUA Express.
- Listen to informative podcasts like With Flying Colors and Credit Union Regulatory Guidance.
- Avoid accounting problems by ensuring reconciliations and timely audits.
- Make senior leadership accessible to examiners during the examination process.
Resources Mentioned:
- NCUA Express
- Credit Union Regulatory Guidance podcast
- Mark’s consulting services for NCUA examination support
Call to Action:
If you enjoyed this episode, don’t forget to subscribe to With Flying Colors for more actionable tips and insights into navigating NCUA exams and credit union compliance. Ratings and reviews on Apple Podcasts and Spotify are always appreciated!
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