With the NCUA’s new member business lending rule is in effect, credit unions need to ensure they are in compliance and understand new requirements. CUNA’s CompBlog takes a closer detail and sheds some light on examiner expectations.
Do the new customer due diligence requirements mean credit unions have to change Bank Secrecy Act procedures to update member information regularly? CUNA’s compliance staff addressed this key question in a recent CompBlog entry.
With cybersecurity a top priority in 2017 for the financial services industry, CUNA’s compliance staff explored what credit unions should do in the event of a data breach at the institution or its service provider.
The NCUA promised enhanced examination planning procedures and scheduling changes for 2017, and outlined those changes in a letter to credit union sent in the final days of 2016. The extended cycle applies CUs that meet certain requirements.
The CFPB recently released a bulletin designed to protect consumers from potentially harmful production incentives. In a recent CompBlog entry, CUNA compliance staff examined the bulletin and addressed why it is important to have a robust compliance management system.
Section 314(b) of the USA PATRIOT Act, permits financial institutions and associations of financial institutions to voluntarily share information with one another, under a safe harbor, for identifying activities that may involve money laundering or terrorist activity.
The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.