Resources for Compliance

Listed below are events, tools, and resources to help Compliance Officers.

Banks Gearing Up for CECL Practice Run- News from S&P Global Market Intelligence -

Banks of all sizes are readying dry runs of their loan portfolios to gauge their performance under the current expected credit loss model, or CECL, which goes into effect in a little over a year. The exercise, commonly referred to as a parallel run, will show banks the gap in the allowance under the incurred approach and CECL. The parallel runs will also test banks' processes and controls around the allowance calculation and figure strongly into an institution's initial allowance disclosure.

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‘Life-threatening’ Hurricane Florence Takes Aim at East Coast - Is Your Credit Union Prepared?

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.

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‘Tis (Still) the Season – For Vigilance Against Robbery!

With the holidays behind us, the dawn of the New Year is a good time to review your robbery prevention and incident reporting procedures.  A well-trained and well-equipped staff is your best defense, but here are a few other things to keep in mind.

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‘Tis the Season… for Holiday Loans -  USA Today interviews CUNA’s Schenk on topic

CUNA Chief Economist Mike Schenk spoke with USA Today recently for an article about credit unions being among the financial institutions that offer “holiday loans” to members. Such loans generally come with fixed interest rate and installment repayment plans and range from between $500 and $5,000.

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$736 Million Share Insurance Distribution Payments to Occur Week of July 23

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.

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2018 BSA Update on Nov. 8

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.

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2019 Brings New Minimum Wage Requirements

Under the federal Fair Labor Standards Act, nonexempt employees must be paid minimum wage. The federal minimum wage, or pay floor, remains at $7.25 per hour for non-tipped employees and $2.13 per hour for tipped employees. Under circumstances in which a state, city or county minimum wage rate is higher than the federal rate, employers are required to pay workers the higher amount.

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2019 FHA Loan Limits Increase

HUD has announced its new schedule of FHA loan limits for 2019, with limits increasing in most areas of the country, further detailed in Mortgagee Letter 18-11, effective for forward mortgage case numbers, and Mortgagee Letter 18-12, effective for Home Equity Conversion Mortgage (HECM) case numbers, assigned on or after January 1, 2019.

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2019-2020 Mass. State Legislative Session Begins Today - Member Conference Call on Proposals Jan. 8

The Association has already launched its Massachusetts state legislative advocacy platform for the new session. Members are invited to dialogue on new legislative initiatives to be introduced for the 2019-2020 session. Compiling member suggestions is a top priority to ensure that Association filings incorporate local views, represent meaningful advocacy, and include an effective strategic direction. The 2019-2020 filing deadline is January 18, 2019.

To provide a forum for discussion, the Association will host a conference call on January 8 at 2:00 pm on pending proposals for the next session.

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2019: In with the NEW- CU Marketplace Experience & Cooperative Advocate Featured on Latest CU Marketplace Experience Podcast

In the first episode of Credit Union Marketplace Experience Podcasts for 2019, Walt Laskos, CCUA Senior Vice President, Strategic Communications, discusses the Association’s new, one-day trade show event – CU Marketplace Experience, and the Cooperative Advocate - the Association’s official new quarterly magazine.

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2020 W-4 Form to be Redesigned

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.

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4 Tips for Unleashing Your Credit Union’s Best Kept Secret

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.

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5 Ways to Increase Account Holder Loyalty in 2019

As you close the books on 2018, it’s time to hit the restart button and look forward to the year ahead. Hopefully, part of that vision includes ways to more fully engage your account holders and help them embrace increased financial security.

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Advocacy in Action: Coffee with Congressman Stephen Lynch

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.

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Alert Warns of Counterfeit Cashier’s Checks Bearing Routing Number of National United

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.

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Alliant Credit Union (Chicago) Hit with Class-action suit for Overdrafts

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.

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American Express, Amazon Launching No-Fee Card for Small Businesses in US

American Express Co. and Amazon.com Inc. announced the launch of the Amazon Business American Express Card for small businesses in the U.S.

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Amid Mile-long Traffic Jams, Marijuana Sales in Mass. Exceed $2 Million in First Five Days

Although recreational marijuana sales in Massachusetts exceeded $2 million in the first five days, according to data released Tuesday by the state, neighbors of Cultivate in Leicester are up in arms at the mayhem caused by the hordes of cannabis consumers and curiosity seekers.

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Announcing the 2018 Filene i3 Class

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.

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Annual Meeting & Convention - Don’t Miss a Minute - Register Now!

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.

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Appeals Court Dismisses ADA Website Suit Against Credit Union

The industry received a legal victory last week when a federal court dismissed a lawsuit against a credit union involving claims related to the Americans with Disabilities Act.

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Appraisals Rule Addressed at Yesterday’s NCUA Board Meeting

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.

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Are Your ATMs Prepared for the Windows 10 Migration?

In just a little over a year from now, on January 14, 2020, Microsoft will no longer support Windows 7, the operating system that drives 400,000 ATMs in the U.S. and 3 million worldwide. In practical terms, this will mean the end of security updates, security patches, non-security hotfixes, free or paid support options and online technical content updates. If you use Windows 7, you – and your ATMs – will no longer be supported.

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Arrha Credit Union Seeks Regulatory Approval for Membership Expansion

Springfield, Mass.-based Arrha Credit union is seeking the approval of the Massachusetts Division of Banks to expand the associations that qualify people for membership, according to the regulator's November activity report.

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Ask the Right Questions about AI

As of 2018, nearly one in five US residents has access to a smart speaker or voice-activated device. Credit unions are not far behind in using AI (Artificial Intelligence)–based technology to improve their day-to-day operations. In fact, many credit unions already are.

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Association Advocacy Looks Back at 2018… And Ahead to 2019 - Episode 12 of CU Marketplace Experience Podcast on the Air

In episode twelve of The Credit Union Marketplace Experience Podcast series, the Association’s Vice President, Advocacy, Katherine Butler, provides a review of 2018 advocacy events and achievements, and a look ahead to the “hot topics” for advocacy in 2019.

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Association Continues to Monitor H.R. 88 - Seeks relief for executive compensation

The Association continues to closely monitor H.R. 88, The Retirement, Savings, and Other Tax Credit Relief Act which seeks to make technical corrections to the Tax Cuts and Jobs Act of 2017 (TJCA). 

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Association Joins Request for Clarity in ADA Website Accessibility from US DOJ

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.

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Association Sends Letter of Support to Mass. Congressman Richard Neal on “Auto IRAs”

The Association remains eager to promote retirement savings options for consumers at every opportunity and recently sent a letter of support to Congressman Neal as he begins his new duties. Building a coalition in both the House and in the Senate, with leadership demonstrated previously by Rhode Island Senator Shelton Whitehouse on this topic, is part of the Association’s advocacy platform before Congress in the upcoming year.

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Association Sends Letter to NCUA on RBC Proposed Supplemental Rule

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.

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