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What is the difference between a “Mandatory” policy and a “Compliance Mandatory" policy?
If a policy is “Mandatory”, there is a requirement for the credit union to have a written policy to follow for that topic.
If it is “Compliance Mandatory”, then the CU is not required to have a written policy, but they are required to follow whatever the laws/regulations are for that particular topic. Some credit unions choose not to include the “Compliance Mandatory” policies in their manual. The “Compliance Mandatory” policies are provided to help credit unions understand what is required by the law/regulation. The law/regulation is broken down and put it into policy format because that is familiar to credit unions and it lists the requirements.
If you have any additional questions or need further assistance, you can contact the support team at policysupport@cusolutionsgroup.com
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