Links in “Compliance Tips”
- Reg. E: Can a CU Require a Member to Obtain a Police Report for Fraudulent Activity?
No. The credit union can request a police report, but cannot require it. That was one of "5 great points" from NAFCU's recent compliance school. Read the other four here. [3/28]
- Demise of the Brick-and-Mortar Branch?
Many are wondering how much longer physical branches will last in a time when more and more transactions are being conducted online. However, this article asserts that having a physical location is an important part of branding. For what credit unions can do about this, see this article. [3/25]
- Donât Miss This Step in Credit Card Agreement Compliance
Some small credit card providers are finding out the hard way that an exemption they thought applied to them when it comes to posting their credit card agreement online doesn't. AffirmX's Coppelia Padgett explains. [3/18]
- Why Self-Policing/Reporting Makes Sense
Giving regulators the heads up that you've found a problem and have subsequently fixed it works in your favor for a number of reasons. [3/17]
- Risk Watch 2: Social Media Guidance for Financial Institutions
Let's get social, but let's do it smart. Host Ken Agle presents what financial institutions should know about their social media presence and recent regulatory guidance on the issue. [3/14]
- “Reasonableness” = Compliance in Hindsight
The emerging standard of  "reasonableness" means that rather than complying with specific standards, financial institutions are being pressed to evaluate themselves based on the processes and procedures of their competition and how reasonable their current actions will be considered at a future point in time. [3/12]
- Presenting to the Board: Striking a Balance Between What to Say and How to Say It
In this blog post, AffirmX's Ken Agle delineates how compliance officers can decide the urgency of potential compliance concerns. Then, if they do decide to present these issues to the board, Agle gives sage advice on how to deliver them.
- The “Business Day” Conundrum and Mailing Appraisals
What counts as a business day when it comes to "delivering" an appraisal to the applicant three business days after it is placed in the mail, the days the businesses are open, the days the post office are open, or the days your institution are open? And what if there is no clear answer? So many questions... [3/5]
- Pressure: Survey Shows Compliance Budgets Increasing Over Next Two Years
"The Regulatory Pressure Cooker" survey finds that 70% of bank respondents plan to increase their compliance budgets over the next two years by an average of 16%. [3/3]
- Assessing the Cost of a “1” in Compliance
Good compliance risk management means knowing how many resources to apply and where. Avoiding compliance violations that hurt financially is important, but trying to get everything up to a stellar "1" level can cost a bank important earnings. [2/20]
