During the last AuditLink focus group, we mentioned that we had found two Money Stores through our daily monitoring. In both instances, we noticed the accounts had large outside check deposits followed by large cash withdrawals on either the same or next day. In order for an MSB to be a legitimate business, there are several […]
News
Focus Group 11/05/10
Thank you to everyone that attended the AuditLink Focus Group on 11/05/10. I have uploaded the powerpoint to the Advisor site just in case you would like to review it. I have also posted the questions and answers to some of the questions that were asked during the webinar. Focus Group Presentation Focus Group 11/05/10 Q&As: […]
Consumer Compliance Outlook
Check out the 3rd quarter edition of the Consumer Compliance Outlook for 2011. The document contains a regulatory calendar that may help you stay on top of the changes for the coming year.
Link for Privacy Notice Builder
Follow the link to an NCUA press release regarding the Consumer Privacy Notice form builder. On the bottom of the first page, you will find a link for the Online Form Builder. NCUA Press Release
Farleigh Wada Witt – Regulation Z
Check out the latest Credit Card compliance update from the Farleigh Wada Witt Attorney’s Office. Regulation Z – Nov. 4, 2010
AuditLink assistance with Reg V
Another day, another regulation. The latest, Regulation V, places disclosure requirements upon institutions using risk based pricing models when determining the interest rates on member loans. Effective January 2011, the regulation requires you to notify a member of their credit score when they are approved for a loan. There are varying methods to comply with […]
Regulation V—Hits the road running
Just when we all thought we could breathe a sigh of relief from the barrage of regulatory changes, Regulation V hits us square between the eyes. Regulation V places disclosure requirements upon institutions using risk based pricing models when determining the interest rates on member loans. The verbiage of Regulation V is confusing to the […]
Electronic Version of BSA Manual
If you haven’t had a chance to to read through all 439 pages of the Bank Secrecy Act/Anti-Money Laundering Examination Manual that was issued on April 29, 2010….now is your chance! The FFIEC has finally posted the electronic version of the manual for your viewing pleasure. FFIEC Electronic BSA Manual
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 […]
Understanding the 2009 CTR Exemption Rule
FinCEN recently released feedback regarding the 2009 CTR Exemption Rule which took effect on January 5, 2009. The purpose of this amendment is to simplify the Designation of Exempt Persons (DOEP) process which in turn will reduce the number of CTRs filed. So has this rule assisted in reducing the amount of CTRs filed? […]