Resources for Compliance
Listed below are events, tools, and resources to help Compliance Officers.
Expanding in size and strengthening yet again, violent Hurricane Florence is on a beeline toward the East Coast as an “extremely dangerous” Category 4 hurricane. Catastrophic flooding and destructive winds are becoming very likely in the eastern Carolinas north of Charleston, where hurricane warnings were issued late Tuesday. Be prepared - download Business Continuity and Disaster Recovery Planning, a white paper from CUNA Mutual which outlines procedures and guidelines your credit union could follow in developing its own business continuity plan.
Next week, the National Credit Union Administration will pay dividends for more than 5,700 institutions eligible for the $735.7 million Share Insurance distribution, the agency announced. Statements will be mailed to dividend recipients this week, indicating the amounts they will receive. An institution that filed a quarterly Call Report as a federally insured credit union for at least one reporting period in calendar year 2017 will be eligible for a pro rata distribution.
Bank Secrecy Act and OFAC requirements continue to challenge credit unions of all sizes. As we have come to learn, examiner expectations vary from institution to institution depending on the level of risk—risks including who you serve, and where and how you serve your membership. Join Bill Nagle, SVP, Professional Development, CCUA, on November 8 for an all-day program devoted to BSA.
The Treasury Department has announced that the IRS will implement a redesigned W-4 form for tax year 2020, a timeline that will allow for continued work to refine the new approach for the form.
Most members typically have similar financial needs across their financial lives: cash management; credit and loans; asset accumulation, future income generation, insurance, and leaving a legacy for future generations. CUNA Brokerage Services, Inc. (CBSI) works with credit unions to address their members’ financial needs for their retirement years through a blueprint for success.
The Association and Liberty Bay Credit Union hosted a Credit Union Coffee event featuring Massachusetts Congressman Stephen Lynch at their Hingham office. The meeting provided an opportunity to receive up to date information on congressional activities and to advance the Association’s local advocacy priorities, including CU Senior Safeguard, data breaches and the housing finance marketplace.
At least three variations of counterfeit cashier’s checks using the routing number (111904419) of National United, a bank in Gatesville, Texas, are being presented nationwide in connection with various online employment opportunity scams, the Office of the Comptroller of the Currency (OCC) warned in an alert issued Thursday.
Chicago-based Alliant Credit Union was named in a class-action suit filed last week in federal court last week related to overdraft fees. The complaint alleges Alliant charged overdraft or NSF fees when members’ accounts had enough money in them to cover the transactions, violated federal law by misrepresenting its opt-in clause for overdraft protection and violated the Electronic Funds Transfer Act (Reg E), among other grievances.
American Express Co. and Amazon.com Inc. announced the launch of the Amazon Business American Express Card for small businesses in the U.S.
Twenty-one credit union executives have been accepted to Filene i3, a program with a legacy of fostering the development of new ideas and innovations for credit unions. Each Filene i3 member serves a two-year term that kicks off at Filene’s annual big.bright.minds, taking place this December in San Diego.
There’s still time to register for the Cooperative Credit Union Association, Inc.’s 2018 Annual Meeting and Convention. This annual event, returning to Mohegan Sun from October 10 -12, promises to be content rich, dynamic and timely with what will be an outstanding group of industry experts, professionals and regulators providing thought-provoking concepts, unique insights and valuable data in more than 24 education sessions designed for credit union volunteers and staff.
The National Credit Union Administration Board met for its scheduled September meeting yesterday. Agenda items included the issuance of a proposed rule on appraisals and the quarterly update on the Share Insurance Fund.
The Association continues to be actively engaged in combating frivolous lawsuits and demand letters faced by member credit unions concerning website accessibility standards under Title III of the Americans with Disabilities Act (“ADA”). Most recently, a request for assistance in obtaining clarity from the U.S. Department of Justice (“DOJ”) relative to the ADA issue was sent to local Attorneys General based upon a national endeavor underway. Engagement with the DOJ was urged to reinvigorate the regulatory process. To assist and emphasize the importance to local credit unions, the Association advocated directly to the Attorneys General in Delaware, Massachusetts, New Hampshire, New Jersey, and Rhode Island to join this effort.
The Association has submitted comments to the National Credit Union Administration in response to its proposed supplemental rule on Risk-Based Capital (RBC). Responses to the Association’s risk-based capital survey provided the basis for comments to the agency.
The Association has submitted comments to the National Credit Union Administration in response to its Notice of Proposed Rulemaking on Payday Alternative Loans. Responses to the Association’s payday alternative loans survey provided the basis for comments to the agency.
The Association has submitted comments to the Massachusetts Division of Banks and Loan Agencies (“Division”) in response to proposed amendments to 209 CMR 50.00: Parity with Federal Credit Unions. The Association’s written comments supplemented oral testimony provided to the Division at the public hearing held on September 13th.
The Association has submitted comments to the National Credit Union Administration relative to its 2019-2020 budget.
The Massachusetts Division of Banks and Loan Agencies held a public hearing yesterday on proposed amendments to 209 CMR 50:00: Parity with Federal Credit Unions. The Association was present at the hearing to testify on the proposed changes to the parity regulation.
The Credit Union Trends Report is a monthly "pulse check" on the state of the credit union marketplace,
The video recording of the Aug. 2, 2018, open meeting of the National Credit Union Administration Board is now available on the agency’s website.
The Bureau of Consumer Financial Protection (BCFP) has issued a final rule to implement the December 2015 legislative amendments to the Gramm-Leach-Bliley Act (GLBA).
Local roundtable discussions with the Federal Bureau of Consumer Financial Protection begin TODAY at 1:00 pm in Colchester, VT. The Bureau is travelling to New England for a dialogue with credit unions and seeks to obtain direct comments from the industry. These meetings provide convenient opportunities for credit union leaders to discuss issues of concern and to have questions answered and/or concerns addressed.
A series of local roundtable discussions with the Federal Bureau of Consumer Financial Protection began yesterday in Colchester, VT. The meetings, continuing through August 23, are hosted by the Bureau with the support of the Cooperative Credit Union Association and the Association of Vermont Credit Unions. Members of both associations are invited to attend one of the meetings at the most convenient location.
Association President/CEO Paul Gentile invites member credit unions to join him for a local roundtable discussion with the Federal Bureau of Consumer Financial Protection. Amongst the jurisdiction of the Bureau is the authority to write consumer financial protection regulations and issue guidance that affects credit unions and the financial services industry.
The Bureau is travelling to New England for a dialogue with credit unions and seeks to obtain direct comments from the industry. These meetings provide convenient opportunities for credit union leaders to discuss issues of concern and to have questions answered and/or concerns addressed.
In a sign that the Bureau for Consumer Protection (BCFP, Agency) may be preparing to reorganize its credit union advisory council, the agency has posted a charter calling for a much smaller group of credit union employees to be appointed to the group than in the past.
BECU says it has no plans to become a mutual savings bank, saying it has only sought to promote “strategic options” for credit unions.
Cheryl Lawson, EVP-Compliance Review, John M. Floyd & Associates provides some steps credit unions can take to maintain confidence that their overdraft solution is actually working in the best interest of their account holders.
The Cooperative Credit Union Association has a library of videos dedicated to financial literacy which are available free to consumers on the Better Values - Better Banking website.
Can a small-dollar loan of only $400 make a difference in the life of one of your members? The Reaching Minority Households (RMH) research report from the Filene Research Institute responds to that question with a resounding, YES! When credit unions offer small-dollar loans, consumers will have more affordable options for covering necessary expenses and avoid predatory payday lenders.
The presence of strong Board leadership creates a sustainable advantage for a credit union. However, in the absence of Board leadership, a credit union will likely suffer financially, and ultimately hurt its members. Finding the right balance between Board and management leadership is essential to creating sustainable culture, reducing risk, and providing value to members. This year’s 2018 Annual Meeting and Convention, at Mohegan Sun in Uncasville, Connecticut offers credit union directors and boards the tools they need to ensure their credit unions thrive.