To hire or to outsource – a compliance consideration

first_imgI’ve had some great conversations with credit unions this week regarding their consideration to hire knowledgeable compliance staff, or to outsource many compliance functions to third party experts. Either option could be an appropriate choice depending upon the credit union.In pre-internet days, it was more practical for a credit union to hire or train a staff member to ensure compliance requirements were being met. This was partially due to the physical presence of the individual at the credit union, and partly because the compliance burden wasn’t so significant. These days the location of the individual is not nearly as critical, however many credit unions prefer the comfort which goes along with having this knowledge on staff. It’s easy to walk down to Bob’s office to run a compliance question past him. And, it’s easy for Sally to grab a file from the filing cabinet to review disclosures. For less complex credit unions, with adequate means, this may be a great option. After all, nobody knows the credit union’s goals and operations better than its own employees, right?Unfortunately, as regulatory compliance rules expand, and additional regulators get into the mix, it is hard for one individual to be an expert on all compliance matters. This means that the credit union may not be paying the salary, benefits and other costs for only one employee, but perhaps a group of employees. And that is if knowledgeable individuals are available for hire. If these individuals are not available, the credit union will need to ensure that sufficient training is provided to existing staff regarding the intricacies of rules and regulations. Additionally, those who possess or obtain compliance knowledge are sometimes difficult to retain. Compliance expertise is in high demand these days and those that have it are subject to a never-ending barrage of calls from head-hunters trying to steal them away. If one of these individuals is plucked from the credit union, it is back to square one. continue reading » 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Oil prices collapse on storage fears, Asia equities mixed

first_imgWTI was hit particularly hard as its main US storage facilities in Cushing, Oklahoma, were filling up.ANZ said “crude oil prices remained under pressure, as projections of weaker demand weigh on sentiment”.”Despite the OPEC+ alliance agreeing to an unprecedented cut in output, the physical market is awash with oil,” it said, referring to the Organization of the Petroleum Exporting Countries and non-OPEC partners.And AxiCorp’s Stephen Innes added: “It’s a dump at all cost as no one… wants delivery of oil, with Cushing storage facilities filling by the minute. “It hasn’t taken long for the market to recognise that the OPEC+ deal will not, in its present form, be enough to balance oil markets.”Stock traders were in slightly more buoyant mood as governments start to consider how and when to ease lockdowns that have crippled the global economy.Italy, Spain, France and Britain reported drops in daily death tolls and slowing infection rates. ‘No time to get cocky’ “We are scoring points against the epidemic,” said Prime Minister Edouard Philippe, while insisting “we are not out of the health crisis yet”.Meanwhile, in the US, Andrew Cuomo, governor of badly hit New York state, said the disease was “on the descent”, though he cautioned it was “no time to get cocky”.Mounting evidence suggests that the lockdowns and social distancing are slowing the spread of the virus. That has intensified planning in many countries to begin loosening curbs on movement and easing the crushing pressure on national economies.Adding to the sense of hope was a report indicating promising research on a drug to treat coronavirus.Hong Kong, Shanghai and Seoul were each up 0.1 percent, while Wellington added 0.4 percent.However, Tokyo went into the break 0.9 percent lower, while Sydney and Manila dropped one percent apiece. There were also losses in Taipei, Singapore and Jakarta.”The longer investors have to contemplate future economic issues while they wait for more countries to be on the downward slope of the pandemic curve, the more scope there is of risk assets pricing in a difficult future,” Chris Iggo, of AXA Investment Managers UK, said.Investors are keeping an eye on Washington, where Congress and the White House are working towards a $450 billion economic relief plan for small business to add to the trillions already pledged to support the economy.Big-name companies including IBM, Netflix and Coca-Cola are due to deliver their earnings reports. Oil prices collapsed to more than two-decade lows Monday as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States.US crude benchmark West Texas Intermediate briefly plunged almost 20 percent to below $15 — its lowest since 1999 —  as stockpiles continue to build owing to a crash in demand caused by the COVID-19 pandemic.Analysts said this month’s agreement between top producers to slash output by 10 million barrels a day was having little impact on the oil crisis because of lockdowns and travel restrictions that are keeping billions of people at home.center_img Topics :last_img read more

Suspect in deadly terror attack in Mali killed during arrest attempt

first_imgA man suspected of being involved in a restaurant attack in Mali’s capital last week, was killed when a grenade he was carrying went off during a shoot-out with security agents trying to arrest him.Special forces had tracked down the suspect, identified as Mohamed Tamirou Cisse from the Gao region of northern Mali, in Bamako’s Magnambougou neighbourhood late on Thursday. Sahara-based Islamist group Al-Mourabitoun claimed responsibility for last week’s attack that killed a French citizen, a Belgian security officer and three Malians in a restaurant popular with expatriates. Cisse was thought to have thrown a grenade at a police vehicle as the attackers fled La Terrasse restaurantlast_img