Compliance

Compliance Q&A: Flood Determinations

July 01, 2008
Compliance Q&A: Flood Determinations July 1, 2008 Q What should you do if a member challenges a flood determination that concludes a security property is in a special flood hazard area (SFHA)? A The credit union can review the flood determination, or request that the certification company double-check the results.... READ MORE

Compliance Q&A

June 01, 2008
Compliance Q&A June 1, 2008 By Valerie Moss Q Is a credit union required to pay a check written on a member's account if that check is presented more than six months later? A No--except for certified checks, according to Article 4, Section 404 of the Uniform Commercial Code. Although... READ MORE

Compliance Challenge: May Day and 'Mayday'

June 01, 2008
Compliance Challenge: May Day and 'Mayday' June 1, 2008 By Kathy Thompson Editor's note: Some links in this article go to CUNA's members-only pages and are available only to affiliated credit unions. It's amazing what capitals and spaces and inflections can do to change the meaning of words. When you... READ MORE

Compliance Q&A

May 01, 2008
Compliance Q&A May 1, 2008 By Valerie Moss Q How long should credit unions retain records related to compliance with Office of Foreign Assets Control (OFAC) regulations? A Five years. For items rejected in accordance with OFAC regulations, credit unions must maintain records for five years from the date of... READ MORE

Compliance Q&A

April 01, 2008
Compliance Q&A April 1, 2008 Q Can federally insured credit unions accept appraisals transferred from other financial institutions? A Yes, so long as: The appraiser is engaged directly by the institution transferring the appraisal; The appraiser has no direct or indirect interest in the property or transaction; The existing appraisal... READ MORE

Compliance Challenge

April 01, 2008
Compliance Challenge April 1, 2008 By Kathy Thompson Editor's note: Some links in this article go to CUNA's member's only pages, and are available only to affiliated credit unions. I'm just recovering from CUNA's Governmental Affairs Conference (GAC), so be a little patient as I dig out and catch up... READ MORE

Compliance Challenge: Coming Attractions

March 01, 2008
Compliance Challenge: Coming Attractions March 1, 2008 By Kathy Thompson The Golden Globe Awards were reduced to a press conference, the SAG awards were relegated to cable, and a glitzy Academy Awards ceremony was up in the air due to the writers' strike. But that won't stop us from announcing... READ MORE

Compliance Q&A

March 01, 2008
Compliance Q&A March 1, 2008 By Valerie Moss Q What's the difference between "blocking" and "rejecting" a transaction under Office of Foreign Assets Control (OFAC) sanction programs? A Some OFAC-administered sanction programs require the "blocking" of assets, and others require the rejection of transactions. When the credit union blocks a... READ MORE

Compliance 2008: A to Z

March 01, 2008
Compliance 2008: A to Z March 1, 2008 By CUNA's compliance attorneys Editor's note: Many of the links in this article are available only to CUNA members . From risk A ssessment to Reg Z , a wide range of regulatory developments, examiner concerns, and potential congressional action will affect... READ MORE

Compliance Q & A

February 01, 2008
Compliance Q & A February 1, 2008 By Valerie Moss Q A national flood determination company has offered to examine ABC CU's loan portfolio free in exchange for the credit union sending the company future business. Is this a permissible business arrangement? A No. The business arrangement would violate Section... READ MORE

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New Compliance Resource from the NCUA

The NCUA has recently published a “Consumer Compliance Regulatory Resources” page, on their website. The page does not contain any new guidance from the NCUA at this point, but is more of a resource for finding links to additional resources from the FFIEC, CFPB, and of course the NCUA.   Areas which are currently listed on […]

NCUA’s Proposed Appraisal Rule: The Sequel

Last week, we discussed the NCUA’s proposed rulemaking related to appraisals. In today’s post, I’ll discuss parts two and three of that proposal. Part two of the proposed rule seeks to establish consistency between credit unions and other banking agencies as to when an appraisal is required in connection with a real estate related transaction. […]

NCUA’s Proposed Appraisal Rule: Part One

On June 26th, the National Credit Union Administration (“NCUA”) published a proposed rule in the Federal Register related to appraisals. In today’s post, I’ll discuss part one of the proposed rule. Next Tuesday, I’ll discuss parts two and three. Currently, under Section 701.31(c)(5) of the NCUA’s rules and regulations, Federal credit unions (“FCUs”) are required […]
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