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
The CAN-SPAM Act places restrictions on companies sending commercial electronic messages (CEMs) to people living in Canada.
Although the new anti-spam requirements will apply to U.S. credit unions that send marketing messages to members who reside in Canada, there is a grandfather clause for existing credit union members—and a safe harbor for emails that comply with the CAN-SPAM Act—that should help limit compliance burdens on U.S. credit unions.
For TIPs Bulletin 14-14, click here.
SAR Stats Report
The Financial Crimes Enforcement Network (FinCEN) has released the very first issue of SAR Stats (Suspicious Activity Reporting), the successor publication to By The Numbers.
FinCEN anticipates issuing more periodic updates to SAR data beginning this fall.
Update to Unclaimed Property Holder Handbook
The California State Controller’s Office has made updates to its Unclaimed Property Holder Handbook.
The following sections were updated: aggregate reporting; holder due diligence; and owner detail sheet (UDS-1) instructions.
For questions, contact the Holder Outreach and Compliance Unit at 916-464-6088 or UPDHolderOutreach@sco.ca.gov.
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.