Compliance

Midyear Reflection

June 17, 2009
The first six months saw great challenges. More will come. Daniel A. Mica It has been said that time has no divisions to mark its passage. It’s just us humans who bang a drum, shoot off some fireworks, or declare a holiday to celebrate the moment. So, here’s a very... READ MORE

Compliance Q&A: ID Theft Red Flags

May 28, 2009
By Valerie Moss Q Are credit unions required to provide member education as a part of their identity theft red flag programs?   A No. The regulation calls for staff training as necessary to implement the program. Even though member education isn't mentioned as a required program element, it’s still... READ MORE

TV Ads In the DVR Age

May 20, 2009
LEAD STORY Have hundreds of cable channels and the popularity of digital video recorders (DVR) rendered credit union television advertising obsolete? Nathan Tothrow doesn’t think so. “A lot of folks say TV advertising is dead because of DVR. But there’s not enough data to make that assertion,” says the vice... READ MORE

Focus on the 'Open' In Open-End Lending

May 20, 2009
Review your practices, policies, and procedures to determine if you want to continue to use multifeatured open-end lending as a primary consumer lending strategy. READ MORE

He Did What? You're Fired!"

May 20, 2009
Karen Saul Pay close attention to the Supreme Court’s decision on retaliation. Title VII of the Civil Rights Act of 1964 forbids retaliation against employees reporting discrimination. The Supreme Court recently ruled that protection extends to employees who don’t initiate discrimination complaints but who divulge discrimination occurred when asked during... READ MORE

Corporate System Saga Continues to Unfold

May 20, 2009
Mary Dunn One positive development is federal legislation to amend the Federal CU Act. The National Credit Union Administration’s (NCUA) assistance to the corporate credit union system remains the chief topic of frustration and concern throughout the credit union system, based on the telephone calls and e-mails the Credit Union... READ MORE

Your FCRA Duties Bayond Red Flag Rules

May 20, 2009
Valerie Moss CUs have specific responsibilities as furnishers and users of credit reports. There’s much more to the Fair Credit Reporting Act (FCRA) identity (ID) theft requirements than the red flag rules. The Fair and Accurate Credit Transactions (FACT) Act amendments to the FCRA established requirements for credit bureaus, financial... READ MORE

Skittish Lawyers Net Reaffirmation Woes

April 27, 2009
Michael McLain Some attorneys balk due to concerns about liability or clients’ ability to pay. Ease the anxieties of debtors’ attorneys, and your reaffirmation agreements are more likely to stick. Ordinarily, when a debtor’s attorney participates in reaffirmation agreement negotiations during a Chapter 7 bankruptcy, the reaffirmation must contain a... READ MORE

Online Gambling: Don't Bet on It

April 27, 2009
Valerie Moss Gambling reg has implications for CU transactions and relationships. Credit unions participating in certain payment systems will have to verify at account opening that their member businesses aren’t Internet gambling outfits and have procedures in place to prevent restricted transactions. That’s according to a regulation effective Jan. 19... READ MORE

Marketing: Do More With Less

April 27, 2009
LEAD STORY Take these steps to get more from your marketing budget, advises Anne Legg, vice president of marketing for $168 million asset Cabrillo Credit Union, San Diego, and chair of the CUNA Mar-keting & Business Development Council Executive Committee: Evaluate processes. Map out your marketing activities and “sculpt” away... 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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