NWCUA Compliance Support

The NWCUA Compliance Resource Center is availiable online.

The Northwest Credit Union Association (NWCUA) provides a wealth of compliance resources for member credit unions. Do you know what’s offered to lighten your load?

The NWCUA guides and consults with credit unions on all matters of compliance with complex state and federal laws and regulations. Our full-time staff of compliance experts, as well as valuable online resources and solutions, are available to provide immediate assistance.

Our primary job is to answer compliance questions for our member credit unions, through these resources:

  • The Compliance Hotline—1.800.546.4465 (only department that has its own 800#)—or our extensions;
  • Compliance@nwcua.org or emails directly to us; and
  • Questions submitted through CAL.

We answer about 3,000 questions for our members every year. The NWCUA Compliance Resource Center is availiable online.

Resources

  • Compliance Answer Library (CAL): Contains over 1,200 Compliance FAQs, and is continually updated with new items. All items are reviewed yearly to ensure accuracy and relevance.
  • InfoSight: Online library of compliance information and documents including treatises, compliance resources and bulletins such as fraud alerts.
  • Compliance Calendar: Twelve-month, forward-looking schedule of compliance deadlines.
  • CU Policy Pro: Includes nearly 300 model policies for credit unions, updated regularly to keep pace with changing regulations.
  • Regulatory Implementation Project Toolkit (RIPT): We created this resource for our members, taking basic project management tools and applying them to implementation of new mortgage regulations.
  • ComplySight: This new offering is a compliance management system which will allow credit unions to measure and track the compliance process across the enterprise.

Member Education

  • Compliance Bulletins: Detailed information regarding new news.
  • Fraud Alerts: Informing our members about fraud trends, robberies etc.
  • Anthem: Compliance articles every week, Legal Update and Compliance Question of the week.
  • Listservs: Compliance and collectors’.
  • Networking Councils: Compliance and collectors’.
  • In-Person or Web-Based Training: Compliance/regulatory updates, BSA for boards and board member duties and responsibilities.

Compliance Question of the Week

Can a federally chartered credit union expel a member? If so, how?   

Yes. There are two ways a federal credit union can expel a member. First, a member can be expelled by a two-thirds vote of the federal credit union members present at a special meeting, but only after the member has been given an opportunity to be heard. Second, the federal credit union board can adopt by majority vote a policy that a member can be expelled without a special meeting for “non-participation.” Nonparticipation takes into consideration whether the member failed to vote at annual meetings, failed to purchase shares or failed to borrow from the credit union. Each credit union member has to be notified if a policy such as this is adopted.

It is important to note that credit unions must treat all members equally. Therefore, if a federal credit union chooses to expel a member for non-participation, it necessarily must expel all other members in the same situation; otherwise, it will expose itself to lawsuits.

Related Links:

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA released its agenda for the July 31 board meeting.

The NCUA has released a new video aimed at helping credit union managers and volunteers detect and deter fraud.

NCUA Chair Debbie Matz delivered a speech at NAFCU’s annual conference, telling attendees that the NCUA is planning new regulatory relief actions through their Regulatory Modernization Initiative, annual regulatory review  and concerns expressed during the NCUA listening sessions.

The July Issue of The NCUA Report is now available.

Consumer Financial Protection Bureau (CFPB)

The CFPB released proposed amendments to Reg C (HMDA). The amendments, if finalized as proposed, will create some significant changes in the data that is required to be reported on the HMDA reports. Comments are due to the CFPB by October 22, 2014.

The CFPB announced that it is now accepting consumer complaints regarding prepaid cards and other nonbank products.

Federal Financial Institutions Examination Council (FFIEC)

The FFIEC has released new HMDA software for the 2014 data due March 2, 2015.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of July 23, 2014. The last update prior to this was July 16, 2014.

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance News, NCUA, NWCUA.