Welcome to the Credit CARD Act open forum. This area is designated for credit unions to share ideas, ask questions from peers and find assistance in meeting the guidelines. We encourage you to share any disclosures or processes by sending them to lwalton@xtendcu.com. After submission the documents will be posted here for others to view [...]
Special Guest Author: Barb Cooper, VP Professional Services
The Truth-in-Savings regulatory changes, found in the update to the NCUA Regulation 707, seemed relatively easy to understand for this first round. NCUA patterned their changes from the Federal Reserve in most respects, but not all.
A tip from Audit Link’s Jim Vilker: Credit unions are required to follow [...]
News Release…
Grand Rapids, Michigan –November 4th, 2009
To comply with Red Flag requirements to monitor things like address changes, a new Red Flag monitoring feature has been added to CU*BASE. This tool provides alerts to both the credit union and the member when changes are made to a member’s personal information to provide an extra layer [...]
21-Day Fix on to President’s Desk; Reg Z Proposal: Timely Settlement of Estates
Posted: 29 Oct 2009 11:08 PM PDT – NAFCU Compliance
Update by Anthony Demangone 7:55 p.m., Thursday evening
I just received an email from our lobbying dynamo, Brad Thaler. Just minutes ago, the U.S. Senate passed H.R. 3606 by unanimous consent. This bill would make [...]
Now is the Time to Implement PIB
Recently this headline on a popular security site grabbed my attention. “US banking security could be set for major changes following a court ruling where fraud victims alleged their bank was to blame”. Imagine the significance of a judge ruling in favor of plaintiffs who are suing their bank [...]
The newest edition of this Bi-annual report generated from FINCEN is now available. Issue 16 gives a detailed summary of the following:
Mortgage loan fraud
Trends and benefits of BSA E-Filing system
Analysis of SAR inquiries
Law enforcement cases
Suggestions for filing a SAR
What’s new for auditing the AML program
This issue’s Law Enforcement section focuses on SARs filed due to [...]
When What You Think Is Not What You Get
President Ronald Reagan liked to use the term “trust, but verify”. He used the phrase to describe how he dealt with the Soviet Union in reducing the nuclear arms threat.
Recently our Credit Union found out the hard way that what we thought to be true was not true. [...]
The CU*BASE 5300 Call Report tool was released this summer! Credit Unions now have the ability to enter their Call Report data into CU*BASE. This is a big step toward reducing the burden of completing this quarterly task.
CU*Answers plans to automate the collection of data for the Call Report as much as possible for your [...]
Credit CARD Act
In the last few days the final interpretations of the Credit CARD Act have been hitting the desks of many of our clients. This was signed into law last month and to everyone’s surprise had some very aggressive dates for compliance. The most immediate deadline is August 20th. According to the law financial [...]
Thanks everyone for participating in the Audit Link Review Course! Please find the slide show below.
Review Course 7-15-09
