Compliance

Thriving Through the Regulatory Blizzard

February 08, 2010
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

CUNA Drafting Comments to Corporate CU Proposal

January 27, 2010
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... READ MORE

Meet Overdraft Protection Opt-In Requirements

January 27, 2010
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... READ MORE

Top 10 Stories of 2009

January 15, 2010
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

Compliance Q&A: SARs

January 14, 2010
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

Compliance Q&A: OFAC

January 12, 2010
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

BSA Compliance Remains a Challenge

December 21, 2009
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... READ MORE

The Plight of Small CUs

December 21, 2009
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... READ MORE

Another Extraordinary Year Ahead

December 21, 2009
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... READ MORE

Lead for the Future

December 21, 2009
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

The Works Blog The Works Blog is produced by PolicyWorks LLC, Des Moines, Iowa.

#FinCEN smuggling & trafficking guidance

Detecting and reporting suspicious transactions is essential in the financial industry. FinCEN issued an advisory last week to help financial institutions identify “red flags” to assist with the identification and reporting of suspicious financial activities connected with human smuggling and trafficking. Detecting and reporting: Important observations when interacting with members and throughout the credit unions […]

SCRA: An Acronym You Need to Know

In May, the United States Department of Justice announced a $60 million settlement with student loan servicer Sallie Mae for alleged violations of the Servicemembers Civil Relief Act (SCRA). As a result, the once seemingly forgotten 4th fair lending law now resumes its rightful place center stage. If it’s been awhile since your credit union’s […]

Elder Justice Site Launched

Whether it has become more common due to our aging society, or it is simply more prevalent in the news, elder abuse is receiving more attention as of late.  The Department of Justice felt that this topic was deserving of additional resources, and thus created an Elder Justice website. The website contains resources for victims […]
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