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Compliance changes coming your way: What to expect and actions to take now
May 27, 2021 by AUX
Our own Aux Senior Compliance Manager Kristen Tatlock, a well-known and much-loved national compliance trainer and speaker, was interviewed by Mike Lawson at CUBroadcast recently. They spoke at length about upcoming compliance changes due to the new administration and Kristen was able to shed light on areas of focus, action items, and announcements to keep an ear out for.
As Mike puts it bluntly, “So many acronyms!” The Aux compliance assistance team feels your pain, credit union folks, but we are here to help! Take a look at a few highlights from Mike’s interview with Kristen below. If you’d like to watch the abbreviated interview, check it out here.
McInnis said chief financial officer Jenny Krentz compared Thompson’s mill rates with those in other communities around the province and that they are “quite competitive,” though there are factors that affect what that means for the city in terms of actual numbers. “Unlike a lot of communities that are a lot heavier on commercial properties, Thompson is mostly residential properties that bear the brunt of any sort of taxation burden,” said McInnis, as the city has 67 per cent residential properties, 27 per cent commercial properties and six per cent institutional properties. He also cautioned that mill rates aren’t always an oranges-to-oranges comparison point as some communities have low mill rates but many special levies for everything from garbage collection to firefighting, while Thompson has only one special levy, with all other services funded by mill rates and external grants.
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