The deadline is approaching for state-chartered credit unions to comply with the Federal Trade Commission’s identity theft “Red Flags” rules. Here at Community Credit Union (CCU), employees have been testing the procedures that were put in place last fall to meet the requirements of the Fair and Accurate Credit Transactions (FACT) Act of 2003. This article discusses the process for address changes developed to help employees identify, detect and respond to patterns, practices or specific activities that may indicate identity theft.
Of all the areas the organization looked at, address changes touched the most departments. It is more than just return mail; it can also affect the delivery of plastics and PINs, the ability of a Member Service Representative to complete an application and more. All address changes at CCU are handled by our Call Center. Any address change request –face-to-face or not – is sent via an electronic form to the Call Center for verification and completion. This assures a consistent change process throughout the organization.
By Frank J. Diekmann The business books and the pundits call it “lost opportunity cost,” the abstract yet very real economic benefits never realized because a business didn’t act when it should have. For credit unions this is hardly the time to talk about abstract costs when they’re being confronted by very tangible (and seemingly ongoing) expenses related to propping up the […]
We have a few things rolling around in our programming department, but to begin, let’s discuss the basics of what your new identity theft program must accomplish. The regulation states that a financial institution program must be designed to detect, prevent, and mitigate identity theft in connection with the opening of a covered account or […]
As we are ending February, we are entering into prime time tax refund season. The activity on the Bank Secrecy Act report has soared due to these transactions. Although they may seem like an expected transaction for this time of year, it doesn’t mean they are all legitimate. When the tax refund posts to an […]
Of the 31 identified potential Red Flags, tools native to CU*BASE GOLD can control the event or monitor activity in at least 50% of them. Those not covered by the software, require well defined internal procedures which have little to do with the use of CU*BASE but can be tracked through its tracking system. During […]
We had a great turn out on February 20th for the AuditLink Focus Group. Many of you have requested a copy of the PowerPoint presentation….well here it is! For those that missed out on this opportunity take a minute to check it out!! AuditLink Presentation AuditLink Recording
Xtend, Inc., a multi-owned cooperative CUSO based in Grand Rapids, MI, now provides compliance monitoring support for fourteen (14) credit unions through its new AuditLink business unit. The service, which was first rolled out to a beta group of credit unions in the fall of 2008, was developed to help credit unions using the […]
AuditLink, a new division of West Michigan-based CUSO CU*Answers, announced a successful conclusion to the 2008 fiscal year, surpassing client growth expectations by 100%. CU*Answers says this unique division was created to assist credit unions utilizing its CU*BASE system in being better prepared to face growing daily compliance and internal auditing requirements. Daily monitoring […]
Designed for the community of auditors and compliance officers on the CU*BASE system, this site’s focus will be on disseminating information garnered through day to day discussions between our team and yours. What was the concentration of your last audit or compliance exam? How are others using the CU*BASE platform to create efficiencies in your […]