Compliance Monitoring Service Adds New Clients

Xtend Inc. a multi-owned cooperative CUSO headquartered in Grand Rapids, Michigan, has seen its AuditLink back office compliance monitoring service grow from eight clients at the beginning of the year to a total of eighteen. The CUSO reports that the service is used by credit unions in seven states and ranging in size from […]

AuditLink Advisor – July 2009

Credit CARD Act In the last few days the final interpretations of the Credit CARD Act have been hitting the desks of many of our clients. This was signed into law last month and to everyone’s surprise had some very aggressive dates for compliance. The most immediate deadline is August 20th. According to the law […]

CU*Answers Offers FREE Tool to Assist Credit Unions in Completing Due Diligence Requirements

CU*Answers announces the roll-out of a new service to help clients complete third party due diligence on CU*Answers and partners involved with the network. The “Risk Management Report Generator” is a new Internet-based product which allows CU*Answers, Xtend, AuditLink, WESCO Net, and Lender*VP clients to complete their due diligence on services and products […]

AuditLinks Presence Growing Rapidly

The new Audit and Compliance division of the cuasterisk network of CUSOs, AuditLink, announced inspiring first year results at CU*Answers Annual Leadership Conference on June 17th. Jim Vilker, Business Manager of AuditLink revealed that 21 credit unions across the United States, from New York to Oregon have come on board to use Audit […]

Red Flag Compliance in 4 Easy Steps

Once you understand the basic principle behind the Red Flags Rule, creating a written Indentity Theft Program becomes easier to achieve. Notice the operative word is ‘easier’, not easy.   We’ve discovered a website that offers valuable insight into designing an Identity Theft Compliance program of your own.  Based on a template developed by the FTC, […]

Non-Member OFAC Scans….What do you think?

How do you prove that Non-Members are included in the CU*BASE OFAC scan? This question keeps popping up and I believe we need to find a better solution.   When an OFAC scan is run it does include non-members. If there is a match it will show up on the printable OFAC Data Match report. […]

Strong First Year for Major CUSO Compliance Initiative

Xtend Inc. a multi-owned cooperative CUSO headquartered in Grand Rapids, Michigan, recently celebrated the one year anniversary of its AuditLink compliance and monitoring service. The service was developed over a three-month period during late 2007 in response to feedback from a client CEO roundtable event and in just one short year AuditLink has […]

The Red Flags Are Flying!

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.

Amidst All The Numbers, The Value Of Still Telling The Story

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 […]