Recent hotbuttons

Risk Based Capital Round 2 – Raise Your Voice!

Over the course of the next three weeks we will be releasing a three-part series completed by CU*Answers audit, legal, and compliance professionals addressing the NCUA’s recent revisions to the proposed Risk Based Capital rule. The series will first concentrate on a holistic view of why this rule is flawed, followed by a legal perspective. The goal […]

Adverse Action Notice

Thank you for everyone that attended the Adverse Action Notice webinar! There are several pieces of information relating to the webinar that we would like to post and make available to you. To make sure all of the related material stays in one place, we will continue to update this post when additional information becomes available.   -Adverse Action Notice […]

Good Director Practices I – Fundamentals

Recently CU*Answers taught a class on the basic responsibilities and mechanics of being a board member.  This class is the first in a set of three on good practices for board members, and can be applied for board members who sit on credit unions and non-profits, as well as individuals who sit on for-profit boards.  […]

ATM Fee Vigilantes Filing Reg E Lawsuits Against Credit Unions

Individuals across the country are filing lawsuits against credit unions and banks for failing to place surcharge notices on their ATMs.  Financial institutions in Michigan, California, and Illinois have been hit hard by the recent suits which claim that the terms of the Electronic Funds Transfer Act (EFTA, or Reg E)  are violated when the […]

Why citations are so important

During the last 26 months I have completed over 30 AuditLink assessments related to compliance/audit spanning New York to Oregon.  Throughout these reviews I am consistently amazed at the volume of busy work created out of ineffectual processes, policies, and system configurations sanctioned by a third party.  The credit union creates work for the sake of […]

Big Day for Penalty Fees

Most of you are aware that August 22nd marks another important Regulation Z deadline.  This means you cannot charge a penalty fee greater than the amount of the underlying transaction.  What does this mean to you?  When the minimum payment on a credit card account is $15 and that account has gone delinquent, the amount […]

In case you were wondering how you will comply with Reg GG – Unlawful Internet Gambling Enforcement Act

The FDIC recently publish the examiners procedural document they will be using to evaluate if you are in compliance with Reg GG.   This document does an excellent job of explaining the nuances of the regulation as well as what you need to do to make sure you are following the regulatory requirements.

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 […]

Heartland Victims Feel Ongoing Pain of Debit Card Debacle

The massive security breach at Heartland continues to sting credit unions.  MidFlorida Federal Credit Union had to issue 12,000 new debit cards this week after detecting continuing attempts to defraud their members as a result of the Heartland disaster.  The total number of reissued debit cards is now 17,000 for this credit union alone.  MidFlorida […]