Klewin : Focus on planning and creativity when shoveling through the regulatory blizzard. By William Klewin I’m a pretty good bellyacher. I can complain about the weather, about bureaucracy at the Department of Motor Vehicles, returning unwanted presents, or the Green Bay Packers losing in the first round of the... READ MORE
NCUA has also issued a proposal affecting community CUs. A number of regulatory issues remained with us as our calendars
rolled over to 2010. One of those issues is the regulation of corporate credit unions. About 95% of natural-person credit
unions belong to and rely on corporate credit...
CUs must provide notices and obtain opt-in from members before assessing fees. Last month credit unions had
to comply with new Truth in Savings requirements for disclosing aggregate overdraft fees on periodic statements regardless
of whether they promoted the payment of overdrafts. The regulations also addressed account...
Visitors to creditunionmagazine.com were most interested in regulations, corporate stabilization, and the recession during 2009. The most-read stories on creditunionmagazine.com during 2009 were: 10) Strange-But-True CU Crimes Did you hear about the arrest police made in a 26-year-old credit union embezzlement case? Or about the member who deposited her... READ MORE
By Valerie Moss Q Can a credit union share a Suspicious Activity Report (SAR) with another credit union under the Section 314(b) information-sharing provisions of the USA Patriot Act ? A No. Section 314(b) of the USA Patriot Act allows financial institutions to share information with each other... READ MORE
By Valerie Moss Q Must a credit union set up individual accounts for each Office of Foreign Assets Control (OFAC)-blocked party, or can it set up one account to house funds from all blocked accounts? Next : The answer A OFAC allows a credit union to choose either method.... READ MORE
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
Have you begun to look over the new requirements for the TILA-RESPA integrated disclosure rule? If not, don’t worry to much, yet. This rule was finalized and released in November 2013. This rule becomes effective on August 1, 2015. While there is some time before the effective date, I would not recommend waiting until next […]
One of the things PolicyWorks continues to assist our credit union clients with is wading through the deep waters of mortgage regulation. As CFPB Director Richard Cordray has acknowledged, many of the business practices implemented by the January 2014 mortgage rules have long been standards credit unions have adhered to. However, a tidal wave of […]
One of my favorite things about being a part of the credit union movement is the cooperative spirit; how everyone has a voice and a chance to be heard. A great example of this is the comment letter – whenever an agency (such as NCUA, NACHA, CFPB, etc.) issues a proposed rule, they open the […]