A compliance officer’s tidy tips for growth in a messy regulatory environment For credit unions of any size, navigating an increasingly complex regulatory environment takes time, attention and resources. The investment gets even bigger and more expensive when compliance issues arise. In fact, according to a CUNA-commissioned study by Cornerstone Advisors, the combined effect of increased costs and reduced revenue due to regulation amount to at least $6.1 billion in financial impact to credit unions. As chief compliance officer for a banking technology provider and former credit union compliance and risk executive, I have firsthand experience with the messy and costly business of regulatory compliance. I also clearly see the innovation mandate for growth—even survival— as credit unions face a tightening competitive squeeze from nimble digital challengers, deep-pocketed big money centers and other well-funded banking alternatives. The divide between innovating for growth and controlling risk can feel deep and daunting. For many credit unions, it’s a chasm that’s just too wide to cross. As a result, these institutions are falling behind, not growing, in today’s world of digital-as-default banking.