Designed for the community of auditors and compliance officers on the CU*BASE system, this site’s focus will be on disseminating information garnered through day to day discussions between our team and yours.
What was the concentration of your last audit or compliance exam?
How are others using the CU*BASE platform to create efficiencies in your daily operations?
What [...]
We had a great turn out on February 20th for the Audit Link Focus Group. Many of you have requested a copy of the PowerPoint presentation….well here it is! For those that missed out on this opportunity take a minute to check it out!!
Audit Link Presentation
Audit Link Recording
Of the 31 identified potential Red Flags, tools native to CU*BASE GOLD can control the event or monitor activity in at least 50% of them. Those not covered by the software, require well defined internal procedures which have little to do with the use of CU*BASE but can be tracked through its tracking system. During [...]
As we are ending February, we are entering into prime time tax refund season. The activity on the Bank Secrecy Act report has soared due to these transactions. Although they may seem like an expected transaction for this time of year, it doesn’t mean they are all legitimate.
When the tax refund posts to an account [...]
We have a few things rolling around in our programming department, but to begin, let’s discuss the basics of what your new identity theft program must accomplish.
The regulation states that a financial institution program must be designed to detect, prevent, and mitigate identity theft in connection with the opening of a covered account or any [...]
by Terri Urbanek, Community Credit Union, La Crosse, Wisconsin
The deadline is approaching for state-chartered credit unions to comply with the Federal Trade Commission’s identity theft “Red Flags” rules. Here at Community Credit Union (CCU), employees have been testing the procedures that were put in place last fall to meet the requirements of the Fair and Accurate [...]
How do you prove that Non-Members are included in the CU*BASE OFAC scan? This question keeps popping up and I believe we need to find a better solution.
When an OFAC scan is run it does include non-members. If there is a match it will show up on the printable OFAC Data Match report. That’s great, [...]
Once you understand the basic principle behind the Red Flags Rule, creating a written Indentity Theft Program becomes easier to achieve. Notice the operative word is ‘easier’, not easy. We’ve discovered a website that offers valuable insight into designing an Identity Theft Compliance program of your own. Based on a template developed by the FTC, [...]
