In recent months I have had a number of calls related to the class action lawsuits been filed in a number of states relative to perceived “non-consumer-friendly” transaction posting practices causing excessive overdraft fees. As the press has exposed, both banks and credit unions are either settling these types of suits or losing them altogether. What […]
News
New IRS Rule to Require That Dividends to Non-US Citizens Be Reported
Beginning in January 2013, the IRS will require that dividends to non-US citizens be reported by credit unions in an effort to reduce tax evasion. To assist our credit unions in complying with this regulation, I recommend that they: Create a savings account that does not pay dividends and freezes the regular share account from deposits […]
April 2012 – ExamShare and PolicySwap Newsletter
April 2012 – ExamShare and PolicySwap Newsletter
Proposed NCUA Interest Rate Risk Policy and Program
Overview The NCUA is proposing a new requirement that certain federally insured credit unions must have a written policy for interest rate risk management as part of their asset liability management responsibilities. This rule will take effect on September 30, 2012. What are the penalties for non-compliance? The NCUA will use compliance with this rule […]
FFIEC Supplement on Internet Banking Class 2
Thank you to everyone that attended our second webinar on the FFIEC Supplement to Authentication. As promised, here is a copy of the powerpoint used during the webinar. FFIEC Supplement on Internet Banking CLASS 2 December 15
Sample It’s Me 247 Risk Assessments in Response to FFIEC
On Thursday, December 15, 2011, at 1:30 pm ET, CU*Answers will be hosting Part 2 of a webinar series intended to address guidelines of the FFIEC’s Supplement to Authentication. During this session Jim Vilker and Patrick Sickels will discuss the importance of performing a risk assessment on how your credit union uses It’s Me 247, along […]
CU*Answers Introduces Network Compliance Teacher
AuditLink, a division CU*Answers Management Services, has published its first addition of the Network Compliance Teacher. The magazine is a collaborative effort of CU*Answers and the compliance professionals of their credit union clients. Collectively they determine a theme, author the articles, and publish the magazine to all CU*Answers clients free of charge. “The articles […]
FFIEC – Guidence & Supplement to Authentication in an Internet Banking environment
Thank you to everyone that attending the webinar yesterday! As promised, here is a copy of the presentation. FFIEC Supplement on Internet Banking Keep an look out for announcements on the upcoming webinar in December!
Introducing The Network Compliance Teacher Newsletter
AuditLink is pleased to announce the Network Compliance Teacher Newsletter. The Network Compliance Teacher Newsletter is designed as a collaborative effort between AuditLink and the compliance professionals of our client credit unions, with an audience of every credit union staff member in our network who has to deal with the regulations affecting the credit union […]
CU*Answers Provides AuditLink Update
Grand Rapids, MI – July 26th, 2011 CU*Answers Management Services – a subsidiary of CU*Answers, recently announced that since its AuditLink service started in mid-2008, its services to credit unions had expanded and has provided combined services to several dozen credit unions in the areas of audit and compliance. The AuditLink team stated […]