Today at CU*Answers Annual CEO Strategies Conference Randy Karnes, CEO announced the winners of the first contest to derive a cost of compliance template for the network. Contest participants were tasked to create a template that provides a standard way of accounting for a credit union’s overall costs associated with compliance related activities and a […]
News
CU*Answers Awarding $5000 in Cost of Compliance Contest
CU*Answers, data processor to nearly 200 credit unions nationwide, recently announced the Cost of Compliance contest, sponsored by its compliance division, AuditLink. Open to all credit union CEOs and CFOs, contest participants need to create a template that provides a standard way of calculating the cost of compliance. The template should list the costs of […]
“From DC to GR: A Compliance Update” – Another Success!!
For those of you who joined us here in Grand Rapids for the “From DC to GR: A Compliance Update” event, thank you for attending! We had another amazing turnout with almost 40 attendees. The day long workshop was filled with great topics from speakers, Steve Van Beek from Howard & Howard, Charles McQueen of McQueen Financial Advisors, Inc. and, of course, our […]
AuditLink Fights Against Elder Abuse
AuditLink, the audit and compliance division of the West Michigan-based CUSO CU*Answers, is in the beginning stages of a campaign to fight elder abuse. Their first step in the fight is dedicating their ninth edition of Network Compliance Teacher to elder abuse. “We had an enormous response from our clients when we sent out the […]
Free Annual BSA Training for CU* Clients
Many clients of the CU* family don’t realize that there is free BSA/OFAC training available for your staff AND volunteers. There is much more than just BSA/OFAC training as well. How do you get to the CU*Answers University Campus? It’s easy. All you have to do is click on the “Network Links” icon at the bottom […]
Debit Card Fraud — It Never Seems to End
Brought to you by Jerry Collins, CU*Answers Collections Assistant Manager. During a recent loss prevention gathering yet another new scam has been discovered. Legitimate members are selling their debit cards or numbers to know fraudsters for cash. The perpetrator then uses the card to buy marketable assets like gift cards and do cash advances. Once they […]
Compliance Articles Brought to you by Howard & Howard
I wanted to take a moment to bring your attention to these fantastic articles that the attorneys at Howard & Howard provided in one of their newsletters. The “5 Common Credit Card Act Violations” article is very informative. If you haven’t already, sign up to be added to their mailing list by clicking here.
CUNA Urges Comments on Risk Based Capital Proposal
CUNA’s Small Credit Union Committee created a call to action for Credit Unions to respond to the NCUA’s proposed Risk based Capital regulation. The letter urges all credit unions to respond to the NCUA call for comments before the comment period ends on May 28th. CUNA and the NWCUA also sent this letter to all credit unions […]
Risk Based Capital and The 10th Risk
After careful review of the new 198 page Risk Based Capital rule, CU*Answers has compiled a white paper focusing on a number of sections of the rule including the discretionary ability of the NCUA to increase a credit union’s minimum RBC requirement. Patrick Sickels and I collaborated on this white paper to detail the nuances […]
Risk Based Capital Rule….. We Must React
CU*Answers as a cooperative is stepping up its marketing effort and encouraging credit unions in the network to comment on the new NCUA-proposed rule regarding risk based capital. In a recent Callahan web conference my first slide read as follows: “Never in the history of NCUA rule-making has it been necessary to classify a regulator […]