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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!
CFPB POSTS SPANISH CONSUMER BOOKLET
updated 09/28/15 02:11 PM
'Your Home Loan Toolkit'
The Consumer Financial Protection Bureau (CFPB) has posted a Spanish language version of its Home Buying Information Booklet—also known as the “special information booklet” or “settlement cost booklet”—as required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, and Regulation Z.
IS YOUR CU FILING 'CTRs' AND 'SARs'?
updated 09/22/15 09:21 AM
PolicyWorks News a Valuable Resource
In a recent presentation to credit unions, Financial Crimes Enforcement Network (FinCEN) Director Jennifer Shasky Calvery said some early research by FinCEN indicates that over the past nearly two years there are a number of credit unions that haven’t filed Bank Secrecy Act (BSA) Suspicious Activity Reports (SARs) or Currency Transaction Reports (CTRs).