Expect continued regulatory scrutiny of your BSA compliance program. Most credit unions
have adjusted to tougher regulatory scrutiny of their Bank Secrecy Act (BSA) compliance programs. Nevertheless, compliance
remains a challenge for most, if not all, institutions. That’s why so many credit union compliance...
They face daunting challenges, but their leaders are passionate, motivated, and innovative. And they’re not giving up.
CEOs of small credit unions don’t hold those positions to gain fame and fortune. They hold those
positions because they have a vision, and they’re passionate about that vision. And...
The challenges in 2009 were numerous, but so were the accomplishments. I said often in 2009 that it was a most
extraordinary year, one of the busiest I’d encountered in my 40 years in Washington. The challenges were numerous, but
so were the accomplishments, leading us into...
Executives say certain leadership behaviors have helped their companies through the recent economic crisis, such as inspiring others and defining expectations and rewards. They say those behaviors will also help their companies thrive in the future, according to a McKinsey Quarterly survey. Executives say their focus on these behaviors has... READ MORE
Consult these resources for assistance with Bank Secrecy Act compliance: 2010 CUNA BSA Conference CUNA’s Bank Secrecy Act Compliance Guide CUNA’s e-Guide to Federal Laws and Regulations FFIEC BSA/AML Examination Manual Financial Crimes Enforcement Network Office of Foreign Assets Control SAR Activity Review: " By the Numbers " and " Trends,... READ MORE
By Valerie Moss Q What must a servicemember do to receive the 6% interest rate required by the Servicemembers Civil Relief Act (SCRA)? A In order to apply for the 6% interest rate, the SCRA requires the servicemember to provide the credit union with a written notice and a... READ MORE
By Valerie Moss Q How can a credit union comply with Unlawful Internet Gambling Enforcement Act regulations? A For payment systems (other than card systems), credit unions that are covered by the regulations must have written policies and procedures in place that demonstrate they are performing risk-based due diligence... READ MORE
Karen Saul New ADAAA provisions reinstate a broad scope of protections. In September 2009, the Equal Employment Opportunity Commission (EEOC) approved a notice of proposed rulemaking to conform its regulations to the Americans with Disabilities Act Amendments Act (ADAAA), which became effective Jan. 1, 2009. The notice proposes changes to... READ MORE
Valerie Y. Moss CUNA opposes legislation that could adversely affect CUs’ overdraft programs. Many credit unions offer overdraft (“bounce”) protection or “courtesy pay” programs to help members resolve short-term financial problems. These programs, when members use them appropriately, serve as a valuable alternative to overdrawing their share accounts. They can... READ MORE
Tweeters Nearly Double One-fifth (19%) of Internet users now use Twitter or another service to post or view status updates, according to the Pew Internet & American Life Project. That’s up from 11% in December 2008 and April 2009. Three groups of Internet users are driving the growth of this... READ MORE
Regulators, students, economists and lenders are all talking about student loans. To underscore the renewed interest in consumer protections for student loan products, the CFPB recently announced it has filed its first public enforcement action against a company in the for-profit college industry. The CFPB filed a lawsuit accusing a for-profit college of predatory student […]
Our Favorite Time of Year: Direct Deposit of #TaxRefunds Once again the time is upon us, that glorious period known as tax season. The IRS began accepting tax returns on January 31st, officially kicking off the 2014 processing period. Most individuals choose the e-file option so that they can receive their funds as soon as […]
The NCUA issued a Letter to Credit Unions in October of last year that will be effective as of March 31, 2014 – are you ready? This rule applies to all federally insured credit unions (credit union) but does not include corporate credit unions. The NCUA’s goal in adopting the rule is to ensure all […]