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From the Editors of CU Weekly

updated 03/25/14 09:15 AM
Also, New Liquidity Requirements
Help your credit union keep up with regulatory compliance with CU PolicyPro. In collaboration with InfoSight, CU PolicyPro gives you access to more than 200 customizable policies developed specifically for credit unions by legal and financial regulatory experts.

The templates are easily edited and implemented based on your credit union's unique requirements, and are fully compliant with National Credit Union Administration (NCUA) regulations.

CU PolicyPro features:

  • Access 24/7—CU PolicyPro is a web-based platform allowing any authorized staff to securely access policies from any Internet connection.
  • Convenience—Easily add, remove, or customize model policies. Existing credit union policies can also be copied into the system.
  • Easy Publishing—Compile selected policies into a single printable document that can be posted in a read-only format for staff, board members, or examiners to view. The Storage Area allows supplemental electronic documents, such as manuals, to be uploaded and posted for viewing by authorized staff.
  • Up-to-date Policies—Semi-annual updates keep you current with changing laws and regulations.
  • Library Access—Find a running list of archived newsletters and changes in policies to help you manage your policies more effectively.
  • User Security—CU PolicyPro supports multiple users with varying levels of access, from full administrative access to read-only access.
  • Training—Training videos and a written user's guide provide you with step-by-step instruction on how to use all of CU PolicyPro's features.

And, as a reminder: CU PolicyPro now includes in its suite of templates, policies that address the new Mortgage Servicing Rule and the Ability to Repay Rule which took effect in January. This includes policies that address general requirements and others that address small creditor requirements.

If you haven’t logged into CU PolicyPro to review these new mortgage model policies and the many other model polices that are in CU PolicyPro, take some time to do so by clicking here.

New Liquidity Requirements
New regulatory requirements associated with the National Credit Union Administration’s (NCUA) final rule on Liquidity and Contingency Funding Plans (Part 741.12) become effective on March 31. These new requirements will apply to all federally insured credit unions.

NCUA has released Supervisory Letter 14-03, which provides federally-insured credit unions helpful information regarding the exam process with respect to the new liquidity and contingency funding rules. The supervisory letter accompanies the release of the portion of the AIRES Questionnaire that has been added to cover the new liquidity and contingency funding rules.

In addition, NCUA’s Letter to Credit Unions 13-CU-10 also contained guidance on how to comply with the liquidity and contingency funding rules.

NCUA ‘Listening Session’
The Leagues also encourage credit unions to register for NCUA Chairman Debbie Matz’s June 26 Listening Session in Los Angeles. Due to space constraints, registration is limited to 150 people.

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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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