Links in “Compliance Tips”

While this holiday isn't technically until June 30, we're celebrating early with a new episode of Risk Watch: E-SIGN in 5 Minutes or Less (Director's Briefing). Because more and more of our daily lives are moving online, including banking, E-SIGN is becoming more—not less—important. In this episode, AffirmX Analyst Dustin Stanley provides a high-level overview of this pertinent regulation. [6/27/14]

NCUA announced yesterday that it has developed a new webpage to assist credit unions with compliance to the new mortgage rules and other consumer lending regulations. The site provides consolidated information from NCUA, CFPB, FFIEC and other regulatory agencies and can be accessed here. [6/27/14]

No matter where you are in compliance, from a newly appointed compliance officer to a 10-year veteran in the position, the key to compliance is to commit to ongoing education. [6/26/14]

The Federal Financial Institutions Examination Council (FFIEC) today launched a web page on cybersecurity. The page is a central repository for current and future FFIEC-related materials on cybersecurity. The FFIEC Web page provides links to joint statements, webinars, and other information that may help financial institutions when thinking about the issue of cybersecurity. [6/25/14]

As any health-conscious person knows, regular physical exams are the key to identifying potential problems while they are still manageable in order to stay at the top of their game. Similarly, for financial institutions to do the same, a “physical” is needed for every aspect of compliance, especially the regulatory behemoth: the Bank Secrecy Act. Recently, AffirmX's Senior Vice President Jane Pannier had an opportunity to spend some time at the NCUA headquarters, and was able to discuss top concerns related to BSA with some of their principal people. She shares three areas that she believes will be crucial in your 2014-2015 BSA exam. [6/24/14]

The NCUA has launched a new web resource page for credit unions to use to better understand and prepare for changes in interest rates and the risk those changes present. NCUA Board Chairman Debbie Matz stated, "we are in a very unusual rate environment," and goes on to explain the need for such resources in today's world. The new webpage includes videos, charts,  and applicable links to regulations, interagency guidance, best practice resources, and more. [6/23/14]

NCUA has issued a proposed rule that clarifies that federally chartered credit unions and state-chartered, federally insured credit unions (where state law allows) may securitize the loans they originate. The proposed rule that would provide credit unions with greater parity with banks establishes seven minimum safety and soundness conditions for asset securitization. [6/20/14]

When it comes to fair lending, many institutions fail to compare their performance to the complete contextual picture, neglecting such factors as income, low-/high-minority population, age, gender, etc. In this video, AffirmX EVP and Director of Risk Management Ken Agle gives us an idea of how to complete the fair lending picture to discover potential problems or explain misleading numbers. [6/19/14]

Because Know Your Customer (which includes CIP/MIP, CDD/MDD, and EDD) is such a critical part of compliance, we've put together a "Director's Briefing," a high-level overview of important areas of risk presented in 5 minutes or less. Join AffirmX Analyst Cody Knudsen to gain a better understanding of the history and important elements of KYC. [6/13/14]

June 15 is Elder Abuse Awareness Day. Here are some tips on preventing elder financial abuse. ABA offers its tips, too. [6/13/14]