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September 30, 2016 So, last week I was at the “Happiest Place on Earth” with my three sons, their wives, and my 3 ½ year-old grandson. I discovered the Happiest Place on Earth is a little less happy when it is 95 degrees and HUMID. It’s supposed to be Fall, for goodness sake. But, I digress. While it did turn out to be a pretty happy vacation, I sometimes just can’t get out of compliance mode, even when visiting that famous Mouse. Read more
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August 25, 2016 Limits for credit card fees and mortgage points and fees are changing. Stay on top of the latest thresholds. Read more
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August 22, 2016 My inbox has been quite full recently, as credit unions are gearing up for the implementation of the Military Lending Act revisions which are effective at the beginning of October. That is to be expected, as the revised rule impacts credit unions much more significantly than it had in the past. Read more
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August 15, 2016 I’ve always wished for this kind of of-the-moment, at-the-fingertips information for compliance. After all, compliance training was not something moms and dads – nor even colleges and universities – could have prepared anyone for. Wouldn’t it be great to have a nice online video, or instructional manual, when implementing new requirements? Read more
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August 9, 2016 Today, most ACH payments are settled on the next business day, but changes are coming that will enable ACH Originators the option of same-day processing to accounts at any receiving financial institution (RDFI). That day is right around the corner – is your Credit Union ready? Read more
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July 13, 2016 Years ago, redlining was a name used for the discriminatory practice where people living in certain areas or neighborhoods were not given the same access to credit as people in other areas. The term “redlining” refers to the practice of using a red line on a map to show the area where financial institutions would not invest. Read more
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July 1, 2016 Trying to keep up with compliance these days can feel like you might be running in circles, or if you are like me, trying to keep up has caused an abundant loss of hair. New rules and requirements continue to be released, what seems like each week. While staying current on the new requirements, we will still need to be aware of the annual threshold updates to certain regulations. Read more
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June 28, 2016 Last week the Consumer Financial Protection Bureau (CFPB) released updated mortgage servicing examination procedures. The third edition, dated June 22, 2016, offers guidance to credit unions on what the CFPB will be looking for in its exams. Among other things, mortgage servicers should note a greater emphasis on complaint handling and requests by troubled borrowers and discrimination issues. Read more
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June 16, 2016 Good compliance officers know that just reading the text of a regulation is not enough to actually understand the requirements, nor to meet examiner expectations. That’s because the world of regulation presents a lot of gray area. Read more
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June 9, 2016 In the summer of 2013, the CFPB published their Supervisory Highlights, which included their expectations for financial institutions needing to implement an effective compliance management system (CMS). As a part of these Highlights, the CFPB stated that an effective CMS commonly has four interdependent control component... Read more
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May 17, 2016 Last summer the Department of Defense (“DOD”) finalized sweeping changes to the Military Lending Act (“MLA”) that take effect this coming October. Read more
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May 10, 2016 The long awaited “Beneficial Owner” BSA final rule is hot off the presses. But, before a panic attack starts to set in and your blood pressure starts to rise... Read more
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April 27, 2016 The Panama Papers ensnared foreign heads of state and financial institutions, but they’re also likely to have a ripple effect in the U.S., with enforcement agencies sharpening their focus on anti-money laundering and Bank Secrecy Act reviews.
That may cause some sleepless nights for credit union executives, who already are feeling the weight of AML and BSA compliance, experts said. Cindy Williams, VP of Regulatory Compliance, shares her insights with CU Times. Read more
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April 25, 2016 In October of 2009, the Obama Administration sent out a memo to federal prosecutors, telling them not to prosecute people or businesses who distribute medical marijuana in accordance with their state laws. Additional guidance for opening these accounts has been delivered by the US Attorney General and from FinCEN.
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April 14, 2016 Spring is officially upon us, so naturally I’ve been doing some “seasonal” cleaning around my house. It may also be a good time for some spring cleaning at your credit union.
Read more
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April 12, 2016 PolicyWorks announces the addition of two employees. Desiree Fosnaugh has been hired as senior compliance officer and Andy Johnson as compliance specialist. Read more
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April 7, 2016 April is National Financial Literacy month, a month devoted to highlighting the importance of financial literacy and teaching us how to establish and maintain healthy financial habits. Read more
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April 4, 2016 I’ve been receiving a lot of TRID implementation questions lately related to intricate nuances that are not clearly addressed in regulation... Read more
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April 4, 2016 PolicyWorks announced the addition of Margaret Smith, CPA, CIA, CFE, CRMA as director of audit services. Read more
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March 30, 2016 The CFPB recently issued an Advisory regarding elder financial exploitation titled “Advisory for financial institutions on preventing and responding to elder financial exploitation”. Read more
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Suite 170
West Des Moines, IA 50266
(866) 518-0209
info@policyworksllc.com
