Compliance

Study Cites Top CU Challenges

July 20, 2009
LEAD STORY  Attracting new members, dealing with the economy, retaining current members, and adapting programs to new technology are the biggest challenges facing credit unions. So says a survey conducted by Credit Union 24, Tallahassee, Fla. It examines successes and competitive challenges credit unions currently face. The top challenges credit... READ MORE

Business Lending Cap Becomes Barrier to Growth

July 20, 2009
ALM, business cycles, and the 12.25% cap affect business loan programs. Jim Jerving The recession’s effects on the banking system are well-chronicled—a stranglehold on the credit supply and dangerously low capital levels for some of the nation’s largest banks. The trickle-down effect has frozen credit at smaller, local banks that... READ MORE

Compliance is Recession-Proof

July 20, 2009
By Kathy Thompson I was just reading an article about how cosmetics and alcohol sales increase during trying times. Apparently, increased demands on compliance programs can be another “leading economic indicator” that there are problems out there. I want to assure you that we’re working behind the scenes to try... READ MORE

Compliance Q&A: Trade Names in Advertising

July 20, 2009
By Valerie Moss Q Can a federal credit union use a trade name in advertising? For example, could it use “ABC Community” rather than its full charter name, “ABC Community Federal Credit Union?”         A Yes. Part 740.2 of the National Credit Union Administration’s regulations states that... READ MORE

Compliance Q&A: CTRs

June 29, 2009
By Valerie Moss Q Can a credit union adopt a policy to disallow cash deposits and withdrawals of more than $10,000 per day to reduce the burden of filing Currency Transaction Reports (CTRs)?   A Yes. The Bank Secrecy Act doesn't prohibit limiting the dollar amount of transactions a credit... READ MORE

Four critical regulatory issues

June 24, 2009
Mary Dunn: Topping the regulatory agenda are regulatory restructuring, top-level changes at NCUA, examination issues, and corporate CU issues. CUNA Deputy Counsel Mary Dunn outlined four critical regulatory issues for credit unions during a morning breakout session Wednesday: 1. Regulatory restructuring. The proposed Consumer Financial Protection Agency is a “glass... READ MORE

Get a Grip on Compliance

June 17, 2009
LEAD STORY Say goodbye to compliance worries with tools from two CUNA strategic alliance providers. Compliance software from Verafin Inc., St. John’s, Newfoundland, helps you comply with the Bank Secrecy Act, USA PATRIOT Act, and Fair and Accurate Credit Transactions Act red flag rules. TraceSecurity Compliance Manager™ from TraceSecurity, Baton... READ MORE

Cramdowns: CUs Not Out of the Woods

June 17, 2009
A Supreme Court decision leaves an open question on unsecured second mortgages. Michael McLain It’s unlikely Congress will reconsider cramdown legislation in the short term, following its defeat in the Senate this spring. Before breathing a sigh of relief, you might want to read the rest of this article. The... READ MORE

Rebate Nets $13.5 million

June 17, 2009
LEAD STORY Despite a local economy mired in recession, American 1 Federal Credit Union’s recent loan rebate promotion showed there’s room for loan growth in Michigan. The $163 million asset, Jackson-based credit union offered a loan rebate in April that will give members who financed a closed-end, secured loan half... READ MORE

CU Grassroots Sprout Thick

June 17, 2009
Recent Hill actions prove the CU voice is heard in Washington. Mark Wolff Credit unions are known in Washington, D.C., for the power of their grassroots-based political involvement. A significant portion of the Credit Union National Association’s (CUNA) advocacy efforts go to grassroots cultivation. There’s the Hike the Hill program... 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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