Activity – The member requests an outgoing wire but the account has been taken over by a criminal. The address and phone number was changed by the perpetrator prior to the member calling for the wire. Therefore, any call back routines would be thwarted. Solution – We are considering the following potential additions to stave […]
News
6. Expanding Enterprise Risk Management with Additional 5300 Call Report Ratios
We are continuing to add ratios to the 5300 Call Report Ratios dashboard in order to build a complete set of tools for your evolving risk management strategies. This include Canary ratios which are benchmark ratios that can provide early warnings about the financial performance of the credit union. With the 14.1 release (July 2014), […]
7. Reg D Monitoring
Activity – Member performs more than six electronic transactions on a non-transactional account which in turn is a violation of Regulation D. Solution – Enhance the system in three ways including: 1. Give the member a soft warning in online banking that they will violate Regulation D if the transaction is performed. 2. Create a […]
8. Reg CC Holds on Non-Transaction Accounts
Activity – Currently, when a deposit is made into an account and a Reg CC hold is placed, the mandatory release of $200.00 is released to the member regardless if the account is transactional or not. The regulation states that the $200.00 does not have to be released if the account is non-transactional. Solution –Enhance […]
9. Include ATM Transactions in BSA Monitoring
Activity – When monitoring the BSA activity log, the credit union employee will review the member account history to make sure that there were not any ATM withdrawals that could warrant the filing of a CTR. Solution – Include ATM withdrawal activity in the BSA monitoring tools. This will be included in the aggregate cash […]
10. Improving Abnormal Activity Monitoring
Activity – Currently the Abnormal Activity Monitoring tool is configured by selecting a specific member group and setting the risk level based on the transaction count and amount of each origin group over that entire field of membership. This can make it difficult to single out a specific high-risk member. Solution – Instead of configuring […]
Conversations on Compliance – Great Day of Networking
What a great week it’s been. AuditLink presented Conversations on Compliance on Tuesday and we had a fantastic turnout. We would like to thank everyone who attended and send a HUGE thank you to our speakers: Steve Van Beek from Howard & Howard, Meg Prieur from The Payments Authority and Brian Vitale from Notre Dame Federal Credit Union (who […]
CU*Answers Publishes Third Article Critiquing NCUA’s Revised Risk Based Capital Rule
GRAND RAPIDS, MI – February 18, 2015 CU*Answers, a cooperative CUSO located in West Michigan, announced that is has published its third and final article critiquing the NCUA’s revised Risk Based Capital rule (RBC2). The article continues from part two of the three-part series by addressing the Rule from a legal approach. The article reviews […]
CU*Answers Publishes Second Article on NCUA’s Revised Risk Based Capital Rule
CU*Answers, a cooperative CUSO located in West Michigan, announced that is has published its second article critiquing the NCUA’s revised Risk Based Capital rule (RBC2). The article continues from part one of the three-part series by addressing the Rule from a holistic approach. “Of the three articles this is the most compelling as it cuts […]
AuditLink Brings You: Conversations on Compliance
We are excited to announce that we will be hosting another FREE compliance event at our Grand Rapids location on February 24, 2015. This event is open to credit unions both inside and outside of the CUAsterisk network. Special guest speakers include Steven Van Beek from Howard & Howard who will be reviewing the top ten mistakes in […]