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Sep 27, 2011
Categories: Board and Governance BSA Operations

Comments on CUSO Proposal; BSA and Risk Managment Webcast for Directors

Written by Steve Van Beek

NAFCU has submitted our comment letter on NCUA's proposed rule on CUSOs.  You can view the comment letter here.  

Additional information is in the NAFCU Today. 

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Next Wednesday - October 5 - will feature a return performance by Anthony Demangone as he will be presenting a BSA and Risk Management webcast for Directors and Executives.

Any credit union (or other third-party) can sign up and you can save $100 by signing up through Wednesday, September 28.

Here is what will be discussed:

"Make sure your board and supervisory committee get their annual BSA training before the end of 2011!

Managing BSA compliance as a credit union board is just another form of risk management. All too often, BSA training programs focus on the technical aspects of compliance, without properly discussing risk management. This webcast, based on a heavily attended session at NAFCU’s 2011 Annual Conference, weaves risk management and BSA compliance together. Board members and supervisory committee members who watch this webcast will gain a foundational understanding of risk management, which will help them better understand their role in managing the credit union’s BSA program. Those who purchase the webcast will have the option to purchase a CD of the live broadcast to use for board and supervisory committee training sessions. Viewing the webcast can help credit unions comply with NCUA training requirements regarding the Bank Secrecy Act.

Demangone’s presentation will first address risk management:

  • What are NCUA expectations regarding risk management?
  • What are the seven major types of risk that NCUA examiners focus upon?
  • How do credit union officials manage risk?

Regarding the Bank Secrecy Act, Demangone will cover the following:

  • What is money laundering, and why do criminals attempt it?
  • Important concepts of the Bank Secrecy Act regulatory system.
  • What are the goals of the BSA regulatory system? (Once you know what regulators are after, other things start to make sense.)
  • What about the Office of Foreign Assets Control (OFAC)?
  • What are the credit union’s responsibilities for managing BSA risks?
  • What is a board’s ultimate responsibility?"

 The $100 off savings ends tomorrow - so take a look today to help meet your credit union training requirements.

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