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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.
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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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March 1, 2016 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
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February 25, 2016 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
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February 23, 2016 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
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February 16, 2016 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
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February 11, 2016 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
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February 8, 2016 by Brian Godwin 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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February 8, 2016 For the first time in eight years, the Federal Reserve made the decision to increase the Fed funding rate at the end of 2015. With so much time between rate changes, the event likely triggered a great deal of questions from lending staff who had never dealt with the like. Read more
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January 26, 2016 Later this year, the Department of Defense’s revisions to the Military Lending Act (“MLA”) will take effect. As we get closer to the effective date of October 3rd be sure to stay tuned to The Works Blog. We’ll be going into much more detail about what these changes will mean for your credit union. However, due to an impending deadline related to MLA compliance we need to take a moment to touch on it now. Read more
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January 25, 2016 by Brian Godwin Brian Godwin shares his personal experience of building a compliance program from the ground up how he cultivated a compliance culture. Read more
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(866) 518-0209
info@policyworksllc.com
