Compliance

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

Compliance Q & A

January 01, 2008
Compliance Q & A January 1, 2008   Q Must credit unions register with the Federal Reserve for purposes of Regulation U, which governs loans secured by margin stock?   A It depends on whether the credit union makes stock-secured loans and meets certain thresholds. The Federal Reserve Board's Regulation... READ MORE

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