Compliance Blog

 Written by Eliott C. Ponte, Law Clerk

NEW NCUA Database for Financial Service Providers

Last week, the NCUA announced a new online tool to assist credit unions in finding financial service providers.  Created by the NCUA’s Office of Small Credit Union Initiatives, the database will give credit unions the ability to research credit union service providers at no charge.

According to William Myers, Director of the Office of Small Credit Union Initiatives, “credit unions are often looking for companies to provide products and services to help them meet members’ needs, comply with regulations, or just handle day-to-day operational requirements.”  Director Myers believes that “NCUA’s new program can help [credit unions] find the right supplier.”

While I agree with Director Myers that such a database will benefit credit unions, after looking at the database, it does not appear that the database was ready to be released to the public.  Several categories listed in the database, like “Member Business Loan CUSO,” “Cost Benefit Analysis,” and “Credit Reporting Services” are completely empty.  Yes, the database is blank in several areas; but once vendors register, credit unions will be able to use this database as it was intended to be used... to find third party servicers. 

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NCUA Goes to YouTube to Fight Fraud

Regular NAFCU Compliance Blog readers will remember that we blogged about a NCUA video series on Fraud Prevention back in July of 2014.  In our July blog post, we noted that the NCUA had only released half of their eight-part series.  The first half of the series provided an overview of the series, and outlined the importance of maintaining a policy on employee fraud and conducting surprise cash counts.  The second half of the series includes videos on:

• Employee family accounts
• Vault cash
• File maintenance transaction reports

In addition to the three videos listed above, there is also a conclusion video that highlights the main points of the entire video series, and discusses several helpful resources available to credit unions.  After watching the latest four parts, I can attest that this video series is both well done and informative.  I encourage credit unions to take advantage of this free resource. 

The complete eight-part series, “Deterring, Preventing and Detecting Employee Dishonesty,” is available on NCUA’s YouTube channel.

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NAFCU Compliance Seminar Slides on UDAAP Available: See What You Missed

Last month, former colleague Steve Van Beek presented on UDAAP at NAFCU’s regulatory compliance seminar.  If you were not one of the lucky compliance officers that got to here Steve’s excellent presentation on UDAAP, but you are interested in all the information that you missed:  well, you’re in luck!  Steve has made available his power point presentation to at no cost.  Click on this link to access his presentation and see what you missed by not attending.

 

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NAFCU Closed on Veterans Day; Thank You!

In honor of Veteran’s day, NAFCU will be closed on Tuesday, November 11, 2014.  NAFCU will reopen at 9:00 AM on Wednesday, November 12, 2014. 

The NAFCU compliance team would like to thank all veterans for their service and sacrifice.   We appreciate all that you have done to make sure that freedom still comes free.  Thank you.