NWCUA Provides Credit Union Members with Extensive Compliance Resources at Their Fingertips

Contact your Association’s compliance expert staff when your credit union has a question or needs assistance.

10/2/18

Rules and Regulations StampsThe Northwest Credit Union Association guides and consults credit unions on all matters of compliance with complex state and federal laws and regulations. Your Association’s full-time staff of compliance experts, as well as valuable online resource and solutions, are available to provide immediate assistance.

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

  • Hotline (1-800-546-4465)
  • Compliance@nwcua.org or send e-mails directly to us at: David Curtis, Director of Compliance Services at dcurtis@nwcua.org, Katie Clark, Director of Regulatory Compliance and Risk Management at kclark@nwcua.org, and Will Hall, Compliance Services Consultant at whall@nwcua.org.
  • Questions submitted through CAL

On average we answer around 3,000 questions a year.

Resources

  • Compliance Answer Library (CAL) – Contains almost 1,300 Compliance FAQs, and is continually being 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 (Fraud alerts, RIPT).
  • Compliance Calendar – A 12-month, forward-looking schedule of compliance deadlines.
  • CU Policy Pro – Includes nearly 300 model policies for credit unions, updated regularly to keep pace with the 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 regulatory requirements.
  • ComplySight – A Compliance Management System, which allows credit unions to measure and track the compliance process across the enterprise.
  • Cybersecurity Resource Page — A tool designed to provide credit unions with everything they need to know about cybersecurity in one location. This tool includes information on regulatory requirements and guidance, information reporting and sharing, best practices to stay secure in a threat-filled environment, and tips for reviewing and/or purchasing cybersecurity insurance.
  • NWCUA Compliance Community – Developed to help credit unions navigate state-specific compliance issues, this community provides additional compliance resources and makes networking and collaborating with your local peers more efficient.

Member Education

  • Compliance Bulletins – Detailed information regarding breaking compliance news.
  • Fraud Alerts – Informing our members about fraud trends, robberies, etc.
  • Anthem – Compliance articles every week, Legal Update, and Compliance Question of the week.
  • Networking Councils – Compliance Council and Collectors Council, held annually.
  • In-person or web-based training – Compliance/Regulatory Update, BSA for boards, board member duties and responsibilities, robbery training.

Please feel free to reach out to us to schedule a live demo of our compliance resources.

Question of the Week

For CIP purposes, what do we do when the individual is homeless and cannot provide us with a physical address?

The Patriot Act does address this issue: (ii) For an individual who does not have a residential or business street address, an Army Post Office (APO) or Fleet Post Office (FPO) number, or the residential or business street address of next of kin or another contact individual.

If the member doesn’t have a next of kin address that he/she can provide you with or if they have a contact at a local homeless shelter or church, you can use that information also.

Related Links:

31 CFR 1020.220

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA announced that its 2019-2020 proposed budget is available for review and comment.

The NCUA issued a Letter to Credit Unions 18-CU-03, which explains the key provisions of the revised NCUA regulation regarding federally insured credit union mergers. The regulation changes apply to proposed merger applications received by the NCUA or state supervisory agency on or after Oct. 1, 2018.

Bureau of Consumer Financial Protection (BCFP)

The BCFP announced that it is holding meetings with its revamped Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. Additionally, the announcement includes the list of committee members.

The BCFP issued a report and request for information regarding its sources of data and how that data is used. The report details what data the BCFP collects, where it comes from and how it is used.

Federal Reserve Board (FRB)

The FRB released its Semiannual Report on Banking Applications Activity.

U.S. Department of the Treasury (Treasury)

The Treasury announced that eligible employers that provide paid family and medical leave to their employees during 2018 and 2019 may qualify for a new business credit.

The Treasury issued a reminder to holders of blocked property (due to OFAC sanctions) as of June 30 are required to file the Annual Report of Blocked Property by Sept. 30, 2018.

Office of the Comptroller of the Currency (OCC)

The OCC released its bank supervision for 2019. The supervisory strategy for 2019 includes a focus on cybersecurity, commercial and retail credit loan underwriting, BSA compliance, compliance related change management, and internal controls.

The OCC released OCC Bulletin 2018-31, which describes the revisions to the Comptroller’s Handbook Booklet and Rescissions. This revision is to the Truth in Lending booklet.

Financial Crimes Enforcement Network (FinCEN)

FinCEN issued an order granting exemption from CIP requirements for loan extended by financial institutions to commercial customers to facilitate purchases of property and casualty insurance policies.

Federal Housing Finance Agency (FHFA)

The FHFA released its Second Quarter 2018 Foreclosure Prevention Report. The report shows that The Enterprises completed 70,945 foreclosure prevention actions in the second quarter.

The FHFA announced that Freddie Mac and Fannie Mae have revised their private mortgage insurer eligibility requirements for primate mortgage insurance companies that insure mortgage loans owned or guaranteed by Freddie Mac or Fannie Mae.

Federal Housing Administration (FHA)

The FHA announced that it will begin requiring lenders originating new Home Equity Conversion Mortgages (HECMs), or reverse mortgages, to provide a secondary property appraisal under certain conditions

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of Sept. 25, 2018. The last update prior to this was Sept. 20, 2018.

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