Compliance Center: Northwest Security Conference Wrap

Last week, more than 40 security professionals from the financial industry gathered for the two-day Northwest Security Conference held at Skamania Lodge in Washington. The conference was geared as a collaborative effort among all financial institutions to discuss strategies for safeguarding against internal and external security risks.

Topics ranged from robbery prevention and response and implementing security programs, cybersecurity, and reacting to violent threats. It also included a panel discussion on banking marijuana related businesses.

A common theme of the conference was that security is everyone’s concern—not just those charged with monitoring various aspects of the credit unions security. Training should be informative and beneficial, and should place security at the top of mind for all institution team members. Institutions were urged to use the tools in place to ensure security measures are followed, including annual penetration and IT testing/audits, internal controls and audits, and following general physical security protocols established by each institution.

Credit unions are not alone in their security-related endeavors. Your Association has recently released a cybersecurity resource tool for credit unions aimed at helping them understand the various regulatory requirements, resources, and best practices for safeguarding and responding to cybersecurity threats. Additionally, credit unions can participate in the Financial Institution Security Task Force (F.I.S.T.), a task force for credit unions and banks that gathers once a quarter to discuss security concerns. 

There are also many outside resources available to help your members stay safe. For example, the AARP is hosting a public fraud prevention event in Cornelius, Oregon, scheduled for June 2, 2016 at 5:30 pm at the Cultural Center at 1110 N Adair St.

If you would like more information regarding security-related resources, please contact your Association’s Compliance Department at 800.546.4465 or


Compliance Question of the Week

Does the credit union need to file a SAR after a robbery?

No. Generally, a credit union must file a Suspicious Activity Report (SAR) when they detect a known or suspected violation of federal law, or are suspicious of money laundering activity or a violation of the Bank Secrecy Act. However, a credit union does not have to file a SAR for a robbery or burglary committed or attempted if it is reported to law enforcement authorities.


31 CFR 1020.320(c)

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA announced that it will host a webinar aimed at helping credit unions achieve sustained growth.

NCUA Chairman Metsger announced that the NCUA Board will hold board briefings prior to board meetings. The briefings will allow the stakeholders to provide input before decisions are made and allow for greater understandings of the board’s thought process.

The NCUA posted the video recording of the April 2016 board meeting.

The May issue of the NCUA Report is now available. This issue includes an article on security measures that can be used to help deter robbery attempts.

The NCUA, along with the other industry regulators, is inviting comments on the joint proposed rule to prohibit incentive-based pay that encourages inappropriate risk-taking.

Consumer Financial Protection Bureau (CFPB)

The CFPB released a report regarding auto title loans and the rate of borrowers that are unable to repay their loans.

CFPB Director Cordray delivered prepared remarks on the Auto Title Lending Research call. The remarks summarized the research that the CFPB has done and the issues that consumers face when they engage in auto title lending.

The CFPB announced that it has released its Spring 2016 rulemaking agenda. The major current initiatives include arbitration, payday and auto title lending, prepaid accounts, mortgage servicing, and overdrafts.

The CFPB and other financial regulators issued interagency guidance on how institutions should handle consumer deposit account discrepancies.

Federal Reserve Board (FRB)

The FRB has issued its combined financial report for the first quarter of 2016.

The FRB released the April 2016 meeting minutes of the Federal Open Market Committee.

The FRB released the meeting minutes from its May meeting of the Community Advisory Council and the Board of Governors.

The FRB released the quarterly data on ACH and check transactions processed by the Federal Reserve.

Office of the Comptroller of the Currency (OCC)

The OCC announced that registration is now open for its forum on “Supporting Responsible Innovation in the Federal Banking System.” The forum will be held on June 23, 2016 in Washington DC.

Department of Labor (DOL)

The DOL issued a final rule that updates the overtime regulations. The final rule takes effect on December 1, 2016.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of May 19, 2016. The last update prior to this was May 171, 2016.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Economy, NCUA, NWCUA.