For those of you who joined us in Pontiac yesterday for the “From DC to Michigan: A Compliance Update” event, thank you for attending! We were very pleased with the turnout of almost 40 attendees. We had some really great speakers Steve Van Beek from Howard & Howard, Meg Prieur from The Payments Authority and, of course, […]
AuditLink Advisors
Adjustable Rate Mortgages (ARMs)…. Updates to ARM notice coming soon!
In addition to the mortgage periodic statement requirement per Regulation Z , we are also addressing the changes required for ARM notices. The CU*Answers product team recently approved updates to our existing variable rate change notice. In the regulation, the sample form is in the appendix under “H-4(D)(2) Sample Form for § 1026.20(c)”. After discussions with […]
FFIEC weighs in on the end of Microsoft XP Support
We have sent out numerous notices related to our recommendations for clients to replace PCs utilizing Microsoft XP predicated on the fact that Microsoft is discontinuing support of the operating system on April 8th 2014. In this case discontinuing support of the XP operating system includes updates, technical assistance, and security patches. Our recommendations to […]
Addressing Mortgage Periodic Statements
In July 2013 the CFPB issued the final interpretations for changes to Regulation Z precipitated by the Dodd Frank Act, which requires financial institutions to provide a monthly statement to members who have closed-end mortgages. (The specific addition can be found in Section 1026.41, excerpts from which are quoted in the body of the announcement.) […]
It’s Never Just The One Event
Over the course of the last few years, the AuditLink team has been involved in a number of investigations related to both member and employee fraud and theft. In almost every circumstance, it was not just one activity that led to the loss associated with the fraud situation. Take, for instance, the situation where an employee […]
DDoS Risk Assessments
The NCUA in the 13-Risk-01 Letter to Credit Unions, Mitigating Distributed Denial-of-Service Attacks, discussed DDoS and managing DDoS risk. This white paper will focus on what DDoS is and what you can do as a credit union to protect yourself, as well as prepare for examinations. 2013-4-29 DDoS Assessment Whitepaper – FINAL
Credit Union Liability for Security Breaches and Consumer Notification
The following three whitepapers can help a credit union understand their liability for a security breach under Uniform Commercial Code 4A (UCC 4A), negligence theories, and consumer notification. Reading these in order (SM001, 002, and 003) will provide the reader with a better understanding of the entire picture regarding credit union liability for security breaches. […]
Supporting the Upcoming Changes on the NCUA Call Report Sweeping changes no, ready to go yes Over the course of the last few days there have been multiple press releases regarding the upcoming changes to the 5300 Call Report. Headlines such as “Sweeping Changes” are grabbing the attention of our clients and we have received […]
Regulation E and e-Statements
The CU*Answers mantra has always been “we make the tools, not the rules.” Regulation is always subject to interpretation and in some cases business risk. When we developed the e-Statement platform, credit unions requested we give them the ability to physically enroll members at the time of account opening. This request came from those credit […]
AuditLink Advisor – Edition 10 / April 12, 2010
Multi-Featured Open-End Lending (MFOEL) Note: It appears that only CUNA Mutual is requesting the following changes. If your credit union is using another MFOEL lending platform, please contact Jim Vilker with your provider’s specific changes, if required. Three weeks ago, a few credit unions began to receive instructions from CUNA Mutual Group (CMG) regarding the […]