10 Ways NWCUA’s Check Deposit Notice Generator and Account Insurance Estimator Helps Your Credit Union

The Northwest Credit Union Association is pleased to offer two new valuable tools to member credit unions in Idaho, Oregon, and Washington, created in partnership with InfoSight.

Check Deposit Notice Generator (CDNG)

While your credit union’s current check fund hold notice is compliant, it does not prevent most check deposit losses (one reason all institutions’ check losses exceed a billion dollars annually). The CDNG helps your credit union’s employees consistently and immediately generate all objective and effective check deposit notices to prevent losses and provide beneficial member service. The CDNG provides all member credit unions with tens of millions in check deposit loss prevention and member service excellence annually!

Account Insurance Estimator (AIE)

Your credit union has hundreds of thousands to millions of members’ dollars in the National Credit Union Share Insurance Fund (NCUSIF), and yet misses numerous income and service opportunities annually because it provides “NCUSIF created information ONLY” to members as “coverage service.” The AIE helps your employees instantly estimate all popular NCUSIF coverages and sell products and services with excellent member coverage service. The AIE provides all member credit unions with tens of millions in income opportunities through excellent coverage service annually!

Both the Check Deposit Notice Generator and Account Insurance Estimator help your members, employees, and bottom line because they:

  1. Solve your credit union’s current check deposit and “use of NCUSIF coverage information only” money loss and service problems instantly.
  2. Help every employee assisting members with deposits enhance service excellence, reduce losses, and generate more income.
  3. Provide member-end-result notice and estimate document solutions that instantly demonstrate your professionalism, knowledge, and excellent check deposit and NCUSIF coverage service.
  4. Help your bottom line annually with significant loss prevention, expense reduction, and income generation;
  5. Come with complimentary product-use and subject-matter training for employees to help with multi-million-dollar loss prevention, income, and member service excellence opportunities.
  6. Offer complimentary professional check deposit and NCUSIF coverage support from NWCUA, InfoSight, and All Goals Solutions (which also helps with loss prevention, income, and service).
  7. Immediately assist with all your credit union’s goals — generating more income, reducing large expenses, assuring excellent service, preventing losses and risks, recovering losses, and maintaining superior compliance.
  8. Are no charge for all NWCUA member credit unions with assets less than $100 million to assure all NWCUA member credit unions receive the loss prevention and income generation benefits of the products.
  9. Have no-charge 60-day trial access for all NWCUA member credit unions with assets over $100 million to prove their excellent value, as well as extremely discounted unlimited-seats pricing.
  10. Help all employees assist members more effectively to achieve credit union goals and help your bottom line annually.

View the CDNG and AIE recorded tours in InfoSight at your convenience to see their excellent value to your credit union!

Question of the Week

Q. Must we notify members if the credit union institutes a funds availability change that expedites the availability of funds to members?

A. Yes. While the Truth in Savings Act and its implementing regulations generally only require advance notices when members are negatively impacted, Regulation CC requires notices whenever there is a change – negative or positive – to the funds’ availability schedule. Specifically, §229.18(e) of Regulation CC requires credit unions to provide notice to members at least 30 days before implementing a change to its availability policy except that a change that expedites the availability of funds may be disclosed not later than 30 days after implementation.

Related Link

Compliance Alerts

National Credit Union Administration

NCUA Releases Q4 2021 State Credit Union Data: The NCUA released data on the performance of state-chartered federally insured credit unions for the fourth quarter of 2022. Overall, the credit unions experienced growth in assets and loans during 2021, an increase in return on average assets, and a decline in the total delinquency rate.

NCUA Releases 2021 Annual Report: The NCUA released its 2021 Annual Report which highlights the agency’s activities, policy initiatives, and accomplishments for the past year. Some of the areas of focus for the NCUA in 2021 included protecting the health and safety of NCUA staff and contractors, assessing the impact of COVID-19 on credit union members, and analyzing how the pandemic will affect the future financial conditions of credit unions.

Corporate System Resolution Enters Final Phase: The NCUA is working on the remaining resolution components for the Corporate System Resolution which was established to stabilize, resolve, and reform the corporate credit union system in the wake of the 2008 financial crisis. NCUA staff is working on liquidating the remaining assets, pursuing litigation, and continuing to make corporate distributions.

Final Rule on Definition of Service Facility: The NCUA issued Letter to Federal Credit Unions 22-FCU-02 to remind federally chartered credit unions that the final rule that amended the definition of “service facility” for multiple common-bond federal credit unions became effective on Dec. 27, 2021. The final rule provides that shared locations are service facilities for the purposes of common-bond federal credit union additions of groups, regardless of whether the federal credit union has an ownership interest in the shared branching network providing the locations. Shared locations, including electronic facilities offering required services such as video teller machines, are also service facilities for purposes of multiple common-bond federal credit union additions of underserved areas, regardless of whether the federal credit union has an ownership interest.

Consumer Financial Protection Bureau

CFPB Targets Unfair Discrimination in Consumer Finance: The CFPB announced changes to its supervisory operations to scrutinize discriminatory conduct that violates the federal prohibition against unfair practices. The CFPB will closely examine financial institutions’ decision-making in advertising, pricing, and other areas to ensure that companies are appropriately testing for and eliminating illegal discrimination. The CFPB has published an updated exam manual for evaluating UDAAP.

Financial Crimes Enforcement Network

FinCEN Announces $140 Million Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act: FinCEN announced that it has assessed USA FSB a $140 million CMP for willful violations of the Bank Secrecy Act. Specifically, USAA FSB admitted that it willfully failed to implement and maintain an anti-money laundering (AML) program that met the minimum requirements of the BSA from at least January 2016 through April 2021. USAA FSB also admitted that it willfully failed to accurately and timely report thousands of suspicious transactions to FinCEN involving suspicious financial activity by its customers, including customers using personal accounts for apparent criminal activity.

Office of Foreign Assets Control

OFAC has updated the SDN list as of March 21. The last update prior to this was March 15.

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

Posted in Compliance News, Compliance News, Compliance Question.