Compliance

Tackle the 500-Pound Gorilla That is Compliance

November 09, 2009
By Steve Gibbs Implementing and monitoring compliance programs can be a daunting task—a “500 pound gorilla,” if you will. Some of us have begun to recognize the “gorilla” and look it straight in the eye. However, as any trained animal handler will tell you, once you’ve looked a beast in... READ MORE

Compliance Q&A: Unauthorized EFTs

October 27, 2009
By Valerie Moss Q Does a credit union have to follow through on its investigation of an unauthorized electronic fund transfer (EFT) if the member withdraws the allegation?   A No. The credit union can discontinue its investigation if the member voluntarily withdraws the notice alleging an unauthorized EFT. The... READ MORE

CUs Dodge 'Warning' Bullet

October 23, 2009
Michael McLain The Fed limited a troublesome CARD Act provision to credit cards. Many credit unions have had difficulty complying with the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. The requirement that a periodic statement be provided at least 21 days prior to a loan payment due... READ MORE

No Respite From RESPA

October 23, 2009
Nichole Seabron Take a proactive approach to consumer-friendly RESPA amendments. The Department of Housing and Urban Development (HUD), the agency that administers the Real Estate Settlement Procedures Act (RESPA), issued a final rule amending RESPA requirements. Changes become effective on Jan. 1, 2010. RESPA makes certain lenders provide disclosures to... READ MORE

Senior Scams

October 23, 2009
Seniors get fleeced out of billions of dollars every year—and most of it goes unreported. READ MORE

Interchange Fight: Less Visible, No Less Intense

October 23, 2009
Mark Wolff Both sides have powerful and committed constituencies. In Washington, it’s sometimes said that health-care reform is “sucking all the oxygen out of the room.” That suggests all other domestic issues are being shunted aside, which is not the case. Less visible, though still intense, political battles are raging... READ MORE

Foiling a Scam

October 23, 2009
Steve Rodgers Alert CU staff thought something was wrong, and it was. Bank of America didn’t catch it. Citibank didn’t catch it. Neither did Wells Fargo. As employees at those banks were busy processing withdrawals, Joe Gonzales was busy draining 82-year-old Jack Whittaker’s accounts. In little more than a year,... READ MORE

Conference Demystifies Fraud, Compliance Issues

October 15, 2009
The CUNA Supervisory Committee and Internal Audit Conference , scheduled for Dec. 6-9 in Las Vegas, will cover hot topics including mortgage market fraud, compliance issues, and identity theft. At the conference, E. Michael Thomas, executive in charge of Crowe Horwath LLP, will present "Mortgage Market Fraud and Its New... READ MORE

Turn Regulatory Lemons into Lending Lemonade

September 25, 2009
By Bill Klewin There’s much to be said about what massive changes to the regulatory landscape could bring to credit unions. To set the stage, we need to remember the changes we’re facing: * New rules regarding the Real Estate Settlement Procedures Act ; * New Regulation Z (Truth-in-Lending) rules... READ MORE

Compliance Q&A: Servicemembers Civil Relief Act

September 25, 2009
By Valerie Moss Q How should credit unions apply the Servicemembers Civil Relief Act's (SCRA) 6% interest rate cap to new advances under an existing credit card or open-end home equity line of credit program?   A SCRA’s 6% interest-rate cap applies only to outstanding balances on loans taken out... READ MORE

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

Attention! Attention! No action required ??!!!??

The CFPB issued a proposal in February of this year to suspend credit card agreement submissions, as required by Regulation Z, for a year while they work on their database, has been finalized. It...

It’s Not Suspicious, He Does it All the Time

Once, when I was conducting BSA training for front-line staff regarding suspicious activity, I gave them an example of a retired gentleman at the credit union that several times a week made multiple cash...

CFPB Mortgage Toolkit

Currently, under Section 1024.6 of Regulation X (RESPA) your credit union is required to provide the CFPB’s Settlement Cost Booklet on applications for the purchase of a 1-4 family residential property. In association with...
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