A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with Callahan & Associates.
Answers to your crucial questions can be less than one business day away. Post your question here, and a talented R&I professional will get back to you quickly! Or if you prefer, call the R&I Hotline to speak directly with our knowledgeable consultants. R&I Hotline: 877-243-5728
Continue for Ask R&I
|March 05, 2014|
|TIPs Bulletin #14-07||New Derivatives Rule|
|February 28, 2014|
|TIPs Bulletin #14-06||Charitable Donation Accounts|
|February 10, 2014|
|TIPs Bulletin #14-05||2013 California Legislative Summaries|
Shared Compliance Services
CURoots offers a variety of services to help you keep pace with ever-changing regulatory compliance while you focus on day-to-day credit union business.
Internal Audit Services
CURoots can help your credit union identify potential issues, assess risk, and save valuable time and resources by providing expert assistance for your auditing needs.
|Jan Owen, Commissioner of the Department of Business Oversight (DBO)|
Illegal payday loans made over the Internet are made possible in California by credit and debit transactions that pass through the Automated Clearing House (ACH) network.
Owen is urging state-licensed credit unions to monitor transactions with any unlicensed lender and immediately report potential violations to DBO.
Credit unions that are Originating Depository Financial Institutions (ODFIs) should look to discontinue any ACH transactions or refrain from doing business with these unlicensed payday lenders. Credit unions that are Receiving Depository Financial Institutions (RDFIs) should look to monitor member complaints of unauthorized transactions, particularly those involving online payday lending companies.
If any credit union detects a trend of a high number of unauthorized claims from a certain lender, it should notify the DBO. It may also trigger a suspicious activity report (SAR) filing. If not done already, the credit union may want to implement procedures allowing it to identify such trends.
Owen's department is actively pursuing, with cease-and-desist orders, unlicensed companies who are offering payday loans to California consumers over the Internet in violation of California law.
NCUA WEBINAR: BANK SECRECY ACT
updated 03/03/14 02:26 PM
Certificate for Successful Completion
Credit union managers and compliance staff will be able to learn more about Bank Secrecy Act compliance during a free webinar, BSA-MSB Training: What You Need to Know, hosted by the National Credit Union Administration (NCUA) on March 19 at 11 a.m. (Pacific).
DBO MORTGAGE SURVEY DUE FEBRUARY 27
updated 02/20/14 07:09 PM
Also, Marijuana Biz Caution
The California Department of Business Oversight (DBO) has released its fifth Annual Commissioner’s Residential Mortgage Survey to financial institutions and third-party lenders, which DBO-licensed credit unions should complete and submit online no later than Feb. 27.