Recommendations for the Credit CARD Act The sky is not falling, but let any more legislation like this go through Congress and things just might get a little tight… During the last 3 months we have all been anxiously awaiting the Federal Reserve’s final interpretation of the Credit CARD Act. In the middle of January […]
Recent hotbuttons
CU*BASE Adds New Red Flag monitoring feature
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 […]
Update from NAFCU on the Credit CARD Act
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 […]
AuditLink Advisor – October 2009
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.
AuditLink Advisor – September 2009
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 […]
Red Flag Compliance in 4 Easy Steps
Once you understand the basic principle behind the Red Flags Rule, creating a written Indentity Theft Program becomes easier to achieve. Notice the operative word is ‘easier’, not easy. We’ve discovered a website that offers valuable insight into designing an Identity Theft Compliance program of your own. Based on a template developed by the FTC, […]