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A recent report by the Financial Action Task Force identified gold as an increasingly common method of money laundering and terrorist financing. Why? Because it is anonymous and easily exchangeable. Read more

 

Strategic compliance management systems will be critical to all FIs by 2020 insists one analyst, who says CUs must get moving now to establish the systems that will eventually be required by examiners. Read more

 

Effective October 3rd, property appraisals will generally be subject to a zero tolerance threshold under the Integrated Disclosure Rule (“TRID”). TRID provides that fees paid for a third-party settlement service for which the member is not permitted to shop fall into the zero tolerance category. What this means for your credit union is that the appraisal fee you disclose on the Loan Estimate must be exactly what the member is required to pay at closing, absent the occurrence of a valid changed circumstance. Read more

 

Credit unions extending credit secured by structures in special flood hazard areas better familiarize themselves with NCUA’s new flood insurance requirements. Read more

 

There has been a lot of buzz lately about the updates to the rules for the Telephone Consumer Protection Act (TCPA). The Act has been around since 1991, but it suddenly has new teeth, thanks to the FCC’s adoption of the new rules in June. And while the vote on the updates was passed by the FCC, it was a split 3-2 vote, showing that it wasn’t a slam dunk, even for them. Read more

 

You’ve received the findings of your recent audit, and of course the credit union’s compliance program is in good shape. Why wouldn’t it be? You’ve been working tirelessly over the last 12 months ensuring your team has sufficient training, detailed procedures, and the necessary resources to ensure compliance. However, almost every audit has at least one finding, and you’ve got a couple of minor issues to address. But, how do you ensure these items are resolved? Read more

 

Over the years, I have talked to financial institutions about their policies and often the compliance officer will proudly pull out a big binder filled with numerous policies. They proceed to tell me how the Board reviews and approves them each year, or as new regulatory requirements occur. And, that’s a very good start. Read more

 

On the surface, fair lending seems like a simple enough topic. The regulations defining fair lending are not new. There haven’t been any recent changes, nor are there any foreseeable ones coming down the pike. Yet, fair lending remains a big issue for nearly all financial institutions. Read more

 

In addition to delaying the effective date, the final rule makes clear that the CFPB will not be instituting a formal grace period or allowing for a dual compliance period. Without a formal grace period your credit union remains subject to both compliance and legal risk for non-compliance after October 3rd. Read more

 

Marketing and advertising can be a complicated maze for credit unions. Compliance requirements are so varied and nuanced that it's hard to meander one's way to the clearly marked exit. These eight best practices will help your CU navigate its way out of the complexity. Read more

 

In the past, fair lending and redlining were terms you only heard about when mortgage lending was discussed. Financial institutions simply needed to gather the required information for the Home Mortgage Disclosure Act (HMDA) and put controls in place to ensure they did not discriminate when approving or declining loans. Those were the simple days. Read more

 

Use regulatory “down time” to check in on long-term compliance strategies Read more

 

On June 17th the Consumer Financial Protection Bureau (“CFPB”) announced they would be issuing a proposed rule to delay the effective date of the TILA/RESPA Integrated Disclosure Rule (“TRID”). Yesterday we got our first look at that rule. Read more

 

NCUA has started to make in-roads regarding regulatory relief in a surprising way. At their recent board meeting, NCUA announced a proposed rule to ease regulatory restrictions impacting member business loans (MBL).
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Behind the pixie-dust and over-the-top “imagineering” of Disney, there are some rock-solid business principles at work that keep the corporate mouse enterprise running smoothly. So, are there things to be learned about the Disney way of doing business that we can apply to a regulatory compliance program? The answer is a resounding yes! Read more

 

There’s no time like the present to review your credit union’s overdraft program and ensure it is not only compliant with existing regulations but that members are fully informed about the terms of the program. Read more

 

The separate training requirements imposed by the state-level SAFE Act (Regulation H) and the Truth in Lending Act (Regulation Z) continue to cause confusion in the industry. This article sets out to unlock the mystery by answering the who, what and when of loan originator training. Read more

 

Although Houston Police FCU was not implicated in any wrongdoing, compliance and regulatory experts said this case can provide important lessons for credit unions on suspicious account transactions and how to address their challenges. Read more

 

According to PolicyWorks' VP of Regulatory Compliance Cindy Williams, we are in the "in between" time when it comes to regulations -- many having been implemented late last year and more coming down the tracks later in 2015. Cindy says now is a good time for credit unions to get caught up and get their ducks in a row to prep for the next regulation wave to ensure their compliancy. Read more

 

Once, when I was conducting BSA training for front-line staff regarding suspicious activity, I gave them an example of a retired gentleman at the credit union that several times a week made multiple cash deposits of several thousand dollars. I explained that this was unusual behavior that might require some additional due diligence, perhaps ultimately resulting in the filing of a Suspicious Activity Report. Read more

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