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From the Editors of CU Weekly

updated 08/13/13 08:17 AM
CURoots Services Can Help
The remaining 2013 audit calendar is filling up, so book your audits and risk assessments with CURoots Services today!

CURoots Services can help with your credit union's audits and risk assessments, including Bank Secrecy Act (BSA)/Office of Foreign Assets Control (OFAC) audits, Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act audits, Automated Clearing House (ACH) audits, and Fair and Accurate Credit Transactions Act (FACTA) Red Flags risk assessments.

CURoots Services can also assist with several other internal audit needs, such as:

  • Management Control Audits and Reviews, including Dormant Account Audit, Branch Audit, Cash Control Audit, Closed Account Audit, Loan Review, File Maintenance and Supervisory Override Review, Employee Account Review, General Ledger (GL) Reconciliation Review, Call Report Review, and many others.
  • Full-scope audits of individual departments and functions of your credit union.

Avoid stress later by lining up the rest of your 2013 audits in advance. Let CURoots Services handle the details!

Contact Rita Fillingane—vice president of research and collaboration for the California and Nevada Credit Union Leagues—at 909.212.6055 or ritaf@ccul.org; or Jerry Carter, audit services manager for CURoots Services, at 909.214.4993 or jcarter@curoots.coop.

Remittance Transfer Rule Updates
The Consumer Financial Protection Bureau (CFPB) has released an update of its small business guide regarding the international electronic money transfers rule (remittance rule).

This updated guide reflects the most recent changes to the rule and will make it easier to understand the requirements, which will take effect on Oct. 28, 2013. Although the guide is not a substitute for the rule, it highlights issues that businesses—in particular, small businesses and those that work with them—should consider while implementing the new requirements.

Along with the guide, the CFPB has posted a video that gives an overview of the rule, recent changes, and the bureau's responses to questions raised regarding interpretation and implementation.

These versions of the guide and video replace versions released in late 2012.

New TIPs Bulletin Posted
A new TIPs Bulletins published by the California and Nevada Credit Union Leagues have been posted on the Leagues' website regarding clarifications and revisions to the CFPB's 2013 mortgage rules (Ability-to-Repay and mortgage servicing rules).

TIPs Bulletin #13-39 explains how the rule amends some of the final mortgage rules issued by the CFPB in January.

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updated 07/25/16 10:52 AM
Plus, HMDA Resources Published
The Financial Crimes Enforcement Network (FinCEN) issued Frequently Asked Questions to help financial institutions, including credit unions, understand the scope of the new Customer Due Diligence (CDD) Requirements that were published in May. The CDD rules became effective on July 11, 2016 with compliance required by May 11, 2018.

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updated 07/18/16 02:40 PM
And, CUNA/League Compliance Tools
The Consumer Financial Protection Bureau (CFPB) is hosting a webinar on the recent Notice of Proposed Rulemaking on Payday, Vehicle Title, and Certain High-Cost Installment Loans on July 26.

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D.J.'s Economix
Leagues Chief Economist Dwight Johnston continually provides economic and market analysis that is both informative and entertaining. Continue for daily and monthly commentary, rate forecasts, and economic updates.
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