AuditLink, a service of cooperative CUSO, CU*Answers, recently published a video introducing PolicySwap and ExamShare. AuditLink reduces the added work imposed by regulations and compliance through the combination of its services, innovative technology, and cooperation amongst industry peers. Factors inherent in changing regulations mandate continuous training and frequent exposure to compliance issues with applied auditor […]
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Overdraft Protection: What CU’s Need to Know
AuditLink has published a whitepaper detailing some of the legal and regulatory risks surrounding overdraft fees. The paper, entitled Overdraft Class Action Lawsuits – What CUs Need to Know , details some of the latest overdraft class action lawsuits and regulatory actions. We recommend that all credit unions review their overdraft configurations as well as […]
PolicySwap and ExamShare Video
Need well-worded policies or examination advice? Learn how PolicySwap and ExamShare can help! Watch PolicySwap and ExamShare Video Overview
Reg D: A Pain Point for Many
Jim and I would like to thank all of those who participated in our Regulation D webinar yesterday. We had over 100 attendees! Apparently this is a hot topic for a lot of CU’s. We are not putting this topic to bed just yet. This is going to be the theme of our next Network Compliance […]
Hail Storms, Tornados and Compliance….OH MY!
Last week, Jim and I headed down to Columbus Ohio for a regional training event. The trip down from Grand Rapids was quite the adventure. Rain storms, hail and tornado warnings (and what we believe to be an actual tornado forming….see the pics below. What do you think?). We felt like a real storm chaser team! […]
AuditLink’s Top Ten
Check out AuditLink’s Top Ten – which have made it to our radar and are currently being discussed here at CU*Answers. You’ll notice a few that are well along in development and nearing implementation, while others are still in the early stages of design. And some of these suggestions could remain on the drawing board […]
1. BSA Enhancement: Joint Owner Activity
Activity – Member avoids currency transaction monitoring by depositing cash into multiple accounts, some on which the member is the primary account holder and others as only a joint owner. Solution – Enhance the BSA monitoring feature to enable account tracking on every account connected to the Social Security number of every member, regardless of […]
2. Cashed Check Tracking
Activity – Member comes in to cash a check and the teller uses the check cashing function which does not write out a transaction on the member’s account. The teller has no idea that the member has been cashing fraudulent checks at multiple locations on that same day as nothing warns them that other activity […]
3. Critical Field Monitoring
Activity – Currently credit unions must review the file maintenance logs to determine if the changes made to member accounts were completed correctly and with the proper authority. Solution – Develop a process where the credit union can choose critical system fields to be displayed separately on the file maintenance log. At the end of […]
4. Identity Theft
Activity – Member has not had any debit card or credit card activity (primarily Visa) for an extended period of time. A sudden onslaught of transactions in extraordinarily large amounts are one clue that this is identity theft. This activity has the potential for both loss of the card and card information. With the stolen […]