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 CUNA & Affiliates.
Answers to your crucial questions can be less than one business day away. Post your question here, and a talented compliance professional will get back to you quickly! Or if you prefer, call the PolicyWorks compliance hotline to speak directly with our knowledgeable consultants.
Compliance Hotline: (844) 731-6072
Continue for Ask PolicyWorks
Section 314(b) provides financial institutions with the ability to share information with one another—under a safe harbor that offers protections from liability—in order to better identify and report potential money laundering or terrorist activities.
To view the fact sheet, click here.
New TIPs Bulletin Posted
A new TIPs Bulletin (Technical Information and Procedures) was posted last week!
TIPs Bulletin 13-47 examines electronic filings of financial reports. The National Credit Union Administration Board has issued a final rule to amend its regulations regarding filing financial, statistical, and other reports and credit union profiles by requiring all federally insured credit unions to file this information electronically using NCUA’s information management system or other electronic means specified by NCUA.
InfoSight is Here to Help
Don't forget: You're only a click away from the most comprehensive resource, InfoSight Weekly Newsletter, when it comes to staying ahead of the compliance curve at your credit union.
InfoSight is an online compliance resource containing information on a wide range of topics, including the numerous laws and regulations that affect a credit union's business affairs. A link to InfoSight can be found on every Tuesday's edition of CU Weekly in the bottom right-hand corner.
Each topic contains easy-to-read compliance summaries, checklists, direct links to laws and regulations, and links to additional important resources. Credit unions are encouraged to visit the site often, as the number of topics and information posted will be updated and expanded over time. Visit InfoSight today!
MLA DATABASE FEB. 15 DEADLINE
updated 02/09/16 08:00 AM
Plus, CUSO Registry Webinar
Credit unions seeking a safe harbor under the Department of Defense’s (DoD) Military Lending Act (MLA) final rule will have two new options come Oct. 3, 2016: 1) A credit union may verify a borrower’s status on the DoD’s database, or 2) a credit union may use a consumer report obtained from a nationwide consumer reporting agency to determine whether a borrower is a “covered borrower.” Credit unions interested in utilizing the first option have until Feb. 15, 2016 to notify the Defense Manpower Data Center (DMDC) of their intent. This may be done by emailing the MLA helpdesk at firstname.lastname@example.org.
CA PRIVACY NOTICES STILL REQUIRED
updated 02/02/16 08:35 AM
Plus, Latest PolicyWorks Newsletter
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.