Links in “Compliance Tips”

Before you hold your next strategic planning meeting, take a look at how some of the industry’s leading credit unions plan for these key meetings. [11/25/14]

The CFPB has finally allowed financial institutions to step into the 21st century and post their annual privacy notice online, instead of mailing it. But don’t put those stamps away just yet; there are a few caveats. In this video, AffirmX’s SVP and In-House Counsel Jane Pannier discusses those caveats and helps you determine whether they apply to your institution. [11/21/14]

The president of our nation recently made an executive action to grant US residency status to more than 4 million undocumented aliens, many of which are credit union members already since credit unions accept a wide array of identification documents to establish a "reasonable belief that it knows the true identity of the customer." If you disagree with the president's action, this author has some advice (take it or leave it). [11/21/14]

Consider your BSA program as one of the wheels that supports the vehicle that is your compliance program. Within this wheel, there are several smaller components—the rim, axle, and spokes could perhaps be considered due diligence, training, and suspicious activity monitoring. For BSA, one of these crucial pieces is the suspicious activity report (SAR) narrative. In this blog post, Analyst Rachel Osborn has prepared a good and a bad example of SAR narratives so you can see the guidance in action. [11/12/14]

For financial institutions, awash in a sea of regulations, compliance problems are inevitable. Less certain is the matter of deciding which problems rise to a level that requires board of directors involvement and how to present them. In this episode, AdvisX President Ken Agle aims to help institutions understand how to tread this fine line. [11/7/14]

NCUA has released the first five videos in an eight-part series designed to help credit unions detect and deter employee dishonesty and fraud. The videos, which can be viewed on the NCUA YouTube channel, address issues such as separation of duties, handling of employee and family member accounts and the red flags that may indicate fraudulent activity. [11/4/14]

Just as “some assembly required” is a red flag to non-DIY types, “money services business” is a red flag to many institutions. However, as AffirmX's Jane Pannier explains in this article, money services businesses (MSBs) "provide a much-needed service for individuals that may not have access to or don’t want to use traditional banking accounts or services." Read this "instruction manual" to find out how to more safely offer these types of accounts. [11/3/14]

Like any trend, it sometimes seems like the focus on certain regulations comes and goes. In a world that increasingly relies on electronic devices, the Electronic Signatures in Global and National Commerce Act (which was implemented in 2000) seems to suddenly be in vogue. We’ve reviewed many institutions for E-SIGN compliance and have put together an outline of three common issues and our recommended solutions. [10/21/14]

Although it's unlikely your institution will be affected by Ebola, there are other seasonal "pandemics" that could take a toll on your operations if left unchecked. CUNA has prepared a guide for what you can do to limit the effect of illness on your institution. [10/20/14]

While for most people the impending holiday season brings feelings of joy, for the financial institution’s operations officer, this season means one thing: the deadline for the ACH audit. But perhaps AffirmX Senior Analyst Coppelia Padgett can put a little joy back into the season by helping you avoid these three common ACH problems. [10/17/14]