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FinCEN Releases Cyber-Event Advisory and FAQ

The document shares more on how financial institutions have become attractive targets to criminals.

Compliance Center: FFIEC Joint Statements on Risk Mitigation and NFIP Program Changes

Important cyber-security statements; your question answered on the SAFE Act de minimus exception; plus this week’s legal briefs.

Compliance Center: Federal Court Rejects HUD Disparate Impact Rule

Federal court rules on HUD disparate impact rule; question about monthly deposit account statements; and legal briefs.

Credit Unions Could Pay 10 BP for Next Six Years for Corporate Stabilization

On the heels of a recent audit, CUNA’s Bill Hampel suggests that in order for credit unions to pay back the remaining $5.2 billion in corporate stabilization funds, the industry could be paying 10bp for the next six years.

Model Forms for Mortgage Statements

Financial institutions will likely need to update mortgage loan statement forms to comply with Dodd-Frank changes to the Truth in Lending Act. The CFPB has issued a prototype form statement to serve as a starting point and is now accepting feedback.

Compliance Question of the Week

Is a credit union required to send a monthly statement if no share drafts have cleared an account and no EFT transactions have occurred during the monthly cycle?

Through Statement Repurposing, Statements and Bills Become One-to-One Marketing Opportunities

Kaye-Smith’s Dick Ehrig outlines how repurposing monthly bills and statements can provide credit unions with the framework for an individualized marketing plan.

Know Your Safekeeper: The Importance of Protecting Your Investments

Gary Tantleff, Managing Director – Credit Union Advisory Group at UBS, discusses several recommended practices related to the management and safekeeping of investments.

New Options for Toll Free Credit Counseling for Credit Card Statements

Following the NFCC’s decision to charge for previously free toll-free numbers, there are other free options available, but CUs must be aware of the compliance issues if they switch providers.