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. http://www.fdic.gov/news/news/financial/2010/fil10035.html
News
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 […]
AuditLink Advisor – Edition 9/March 3, 2010
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 […]
Credit CARD Act
Welcome to the Credit CARD Act open forum. This area is designated for credit unions to share ideas, ask questions from peers and find assistance in meeting the guidelines. We encourage you to share any disclosures or processes by sending them to lwalton@xtendcu.com. After submission the documents will be posted here for others to view […]
PowerPoint Presentation of Navigating the Credit CARD Act
To view the presentation used during the February 5th webinar regarding the Credit CARD Act, please click below: Navigating the Credit CARD Act
Reg. DD…and a Happy New Year to You, Too!
Special Guest Author: Barb Cooper, VP Professional Services The Truth-in-Savings regulatory changes, found in the update to the NCUA Regulation 707, seemed relatively easy to understand for this first round. NCUA patterned their changes from the Federal Reserve in most respects, but not all. A tip from AuditLink’s Jim Vilker: Credit unions are required to […]
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.