CU*Answers created Personal Internet Branch (PIB) for our clients as a means for them to mitigate risks associated with their members’ use of online banking. PIB is our solution to the secondary authentication (multi-factor) requirements pushed by the NCUA, FFIEC, and the FDIC. Each of these regulatory bodies take information and financial account security very seriously with the onus falling on your credit union to institute compliance practices and be able to back them up during the examination process.
CU*BASE tool hints for compliance and auditing
Introducing the CU*BASE 5300 Call Report Tool
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 […]
The Red Flags Are Flying!
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 Credit Transactions (FACT) Act of 2003. This article discusses the process for address changes developed to help employees identify, detect and respond to patterns, practices or specific activities that may indicate identity theft.
Of all the areas the organization looked at, address changes touched the most departments. It is more than just return mail; it can also affect the delivery of plastics and PINs, the ability of a Member Service Representative to complete an application and more. All address changes at CCU are handled by our Call Center. Any address change request –face-to-face or not – is sent via an electronic form to the Call Center for verification and completion. This assures a consistent change process throughout the organization.
New CU*BASE Tool for Red Flag Compliance
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 […]
AuditLink Advisor – February 2009
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 […]
Welcome to the CU*Answers Advisor
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 […]