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 […]
News
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 […]
Risk Based Capital Round 2 – Raise Your Voice!
Over the course of the next three weeks we will be releasing a three-part series completed by CU*Answers audit, legal, and compliance professionals addressing the NCUA’s recent revisions to the proposed Risk Based Capital rule. The series will first concentrate on a holistic view of why this rule is flawed, followed by a legal perspective. The goal […]
Winter Events at CU*Answers
GRAND RAPIDS, MI – January 30, 2015 CU*Answers, the 100% owned cooperative CUSO, is providing warm hospitality during the winter months. CU*Answers has meeting rooms available to be used that are accompanied by a staff that is willing to cater to their client’s needs. This includes catering, technology assistance, and execution of the day’s events. […]
ANNOUNCING THE SECOND COST OF COMPLIANCE CONTEST!
Sponsored by AuditLink, the second Cost of Compliance Contest will focus on real-world application of the templates developed by your peers in the first Cost of Compliance Contest. Why? To prove to our industry that we account for compliance and have the data to win the arguments and make decisions. As with the first contest, […]
CU*Answers Announces Cost of Compliance Contest Winners
CU*Answers, data processor to nearly 200 credit unions nationwide, announced the winners of their first Cost of Compliance contest at its recent CEO Strategies Conference. Contest participants were tasked to create a template that provides a standard way of accounting for an institution’s overall costs associated with compliance related activities. “Nine credit unions participated in […]