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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

 

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

 

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

 

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

 

Last summer the Department of Defense (“DOD”) finalized sweeping changes to the Military Lending Act (“MLA”) that take effect this coming October. Read more

 

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

 

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

 

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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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.
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PolicyWorks announces the addition of two employees. Desiree Fosnaugh has been hired as senior compliance officer and Andy Johnson as compliance specialist. Read more

 

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

 

I’ve been receiving a lot of TRID implementation questions lately related to intricate nuances that are not clearly addressed in regulation... Read more

 

PolicyWorks announced the addition of Margaret Smith, CPA, CIA, CFE, CRMA as director of audit services. Read more

 

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

 

If you are like me, you might be in a semi-constant state of anxiety wondering when the next compliance shoe is going to drop and where it will come from. It’s bound to happen sometime, right? Read more

 

In compliance, sometimes things are black and white (for example, the requirement to provide an adverse action notice within 30 days is found in 1002.9(a)(1)(i)). Other times they’re grey. And the grey areas can be where you’ll find some of your greatest potential risks. Read more

 

Last month the Consumer Financial Protection Bureau (CFPB) was kind enough to issue some clarifying guidance on complying with the Integrated Disclosure Rule (TRID) relative to construction loans. While many in the industry found the guidance lacking in substance, at least it’s something. Let’s take a moment to review the key points: Read more

 

Today’s credit union marketers are facing pressure to adapt to ever-changing marketing methods and technologies. The frequent roll out of complex regulations across product lines is only complicating matters for an area of the credit union that sometimes operates in isolation. Read more

 

Now that the Super Bowl is over (congrats, Broncos!), the normal flow of the universe is to direct our attention to spring training. And that got me thinking…spring training…training…compliance… compliance training! (Hey, it’s how a compliance geek’s mind works – you know what I’m talking about!) Read more

 

I’ve had some great conversations with credit unions this week regarding their consideration to hire knowledgeable compliance staff, or to outsource many compliance functions to third party experts. Either option could be an appropriate choice depending upon the credit union. Read more

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