The CFPB’s republishing of Regulation B resulted in a required change for Federal Credit Unions. By January 1, 2013, FCU’s will need to change their Adverse Action Notices to include the addresses of the following Federal Agencies: FCUs under $10 billion in assets National Credit Union Administration (NCUA), Office of Consumer Protection (OCP), Division of […]
CU*BASE tool hints for compliance and auditing
Your Guide to a Successful ACH Audit
Audit season is upon us and what is more frustrating than getting the check list from your auditor of items needed and not knowing where to start? Well look no further! AuditLink has created a document designed to help you pass your ACH audit with flying colors. The document follows each of the audit requirements […]
Concentration Risk and Abnormal Activity Monitoring Checklist
Concentration Risk and Abnormal Activity Montitoring Presentation from August 14, 2012.
Assessing Transaction Risk Related to Overdraft Fees and Posting Methodology
In recent months I have had a number of calls related to the class action lawsuits been filed in a number of states relative to perceived “non-consumer-friendly” transaction posting practices causing excessive overdraft fees. As the press has exposed, both banks and credit unions are either settling these types of suits or losing them altogether. What […]
New IRS Rule to Require That Dividends to Non-US Citizens Be Reported
Beginning in January 2013, the IRS will require that dividends to non-US citizens be reported by credit unions in an effort to reduce tax evasion. To assist our credit unions in complying with this regulation, I recommend that they: Create a savings account that does not pay dividends and freezes the regular share account from deposits […]
April 2012 – ExamShare and PolicySwap Newsletter
April 2012 – ExamShare and PolicySwap Newsletter
Proposed NCUA Interest Rate Risk Policy and Program
Overview The NCUA is proposing a new requirement that certain federally insured credit unions must have a written policy for interest rate risk management as part of their asset liability management responsibilities. This rule will take effect on September 30, 2012. What are the penalties for non-compliance? The NCUA will use compliance with this rule […]
Are you monitoring your dormant accounts?
The Credit Union Times recently posted an article where an employee of a small California Credit Union embezzled $1.2 Million from dormant accounts. The former employee was able to transfer funds from dormant accounts to accounts that were controlled by her and her husband. This lead to the eventual closing of the Credit Union in […]
Dormancy Webinar for Michigan Clients
Here is a copy of the Dormancy webinar from March 18th that was directed to our Michigan clients. Dormancy-Michigan WebConference
Risk Concentration Webinar – 03/08/11
Thank you to everyone that attended the Risk Concentration Webinar today! Another outstanding turn out. Below you will find a link to a copy of the PowerPoint, along with links to supporting Risk Concentration documents. Concentration Risk Webinar – March 8 2011 2011 CU A Concentration Risk Offerings – Sample Report 2011 CU A Concentration Risk Offerings […]