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The sale and transfer of assets will be finalized on Feb. 28. The date is also when the California and Nevada Credit Union Leagues will assume operation of CURoots, whose services include shared compliance and specialty internal audit services. All current compliance and audit services/contracts will continue uninterrupted.
All member credit unions of the Leagues will be eligible for CURoots’ preferred member pricing as of March 1, and the $20,000 membership purchase will no longer be required.
“This will minimize the duplication of efforts within the credit union system and furthers the objectives of credit union collaboration,” said Gary Perez, CURoots board chairman and president and CEO of USC Credit Union in Los Angeles, CA.
“We are pleased we can provide our member credit unions in California and Nevada with additional compliance and internal audit solutions, which will complement current League compliance services such as InfoSight, CU PolicyPro, and the Research and Information hotline. Bringing CURoots services under the Leagues will leverage our larger scale and help reduce costs and increase efficiencies,” added Diana Dykstra, Leagues president and CEO.
CA PRIVACY NOTICES STILL REQUIRED
updated 02/02/16 08:35 AM
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The FAST Act made changes to federal annual privacy notice requirements. However, it did not change California privacy notification requirements, which are applicable to all financial institutions doing business in California. California state annual privacy notifications are still required, depending on what information is shared and with whom.
CUSOs TO REGISTER WITH NCUA REGISTRY
updated 01/26/16 10:07 AM
NCUA Hosts Webinar on New System
In a letter sent to credit unions, credit union service organizations (CUSO) have 60 days to register with the National Credit Union Administration’s (NCUA) CUSO Registry, the new online system for CUSOs to report their operational and financial information directly to the agency. The registration period begins Feb. 1 and ends March 31.