Compliance

Manage the Risks of Remote Deposit Capture

August 25, 2009
Valerie Moss The focus today is on extending RDC to consumers. Remote deposit capture (RDC) refers to a range of services that allow users to scan checks/share drafts at remote locations and transmit the scanned images to financial institutions for posting and clearing. Locations may include the credit union’s branches... READ MORE

Corporate Stabilization Revisited

August 25, 2009
Jim Jerving New legislation ‘eases the pain’ and boosts CU ROA. Turbulence within the corporate credit union system and the effects on retail credit unions were dominant topics at the Credit Union National Association’s (CUNA) Governmental Affairs Conference (GAC) earlier this year. In May, passage of S. 896, the Helping... READ MORE

Staying at the Table

August 25, 2009
John Magill Poorly prepared legislation can have unintended consequences. This is a time of unprecedented change in America’s financial services sector. Credit unions, despite wearing the “white hats” through the financial crisis of the past year, have not been—and will not be—completely insulated from the aftermath of the financial collapse.... READ MORE

Regulatory Onslaught Just Won't Let Up

July 20, 2009
Relentless torrent of new regulations creates concern and confusion. Bill Klewin The surge in regulatory compliance issues continues, especially in the lending area. Given what the nation is going through, triggered by shoddy lending practices, the greater regulatory regimen is appropriate. Regulators and legislators in Washington, D.C., however, are tripping... READ MORE

Regulatory Storm Intensifies

July 20, 2009
  Key concerns will continue to dominate the regulatory landscape. Mary Dunn Working in the Credit Union National Association’s (CUNA) Washington office lately has been like being in the vortex of a hurricane. The issues keep swirling as the regulatory storm intensifies. While CUNA follows virtually all issues affecting credit... READ MORE

Negotiate Letters of Understanding and Agreement

July 20, 2009
Due diligence applies to agreements with regulators, too. Christopher Pippett Typically you might think of due diligence review as applying only to vendor relationships. However, you also should thoroughly analyze the formal agreements you might have to enter into with the National Credit Union Administration (NCUA) or your state regulator... READ MORE

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

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

#BSA #AML Examination Manuel Update released

On December 2nd the Federal Financial Institutions Examination Council (FFIEC) released the much anticipated revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. An update for this manual had not been released since 2010. The revisions clarify supervisory expectations and incorporate regulatory changes since the last update. Numerous revisions have been made throughout the manual. Sections […]

#FannieMae & #FreddieMac’s New Guidelines Aim to Make Mortgage Lending Easier

New guidelines from Fannie Mae and Freddie Mac took effect this Monday, with the intent of relaxing lending standards for borrowers.  The new guidelines provide clarification on when lenders can be penalized for making mistakes in mortgages they sell to Fannie and Freddie.  Prior to the update, lenders  cautious of making a mistake kept strict standards […]

Proposed Changes to Mortgage Servicing Rules

On November 20th the Consumer Financial Protection Bureau (“CFPB”) proposed to amend several mortgage servicing rules under both Regulation Z and Regulation X. The proposed rule is 492 pages long and to date has not been thoroughly vetted. However, let’s take a look at some of the highlights: Successors in Interest: A successor in interest […]
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