Compliance Blog

Written by Steve Van Beek

Welcome back - we'll keep this nice and easy on your return from the holiday weekend.  

NCUA Report.  NCUA issued their September 2012 NCUA Report a little while back and it is a very useful read.  The Report includes the following articles:

• NCUA Alerts 1,000 Credit Unions to Low-Income Designation Opportunity

• Chairman Matz's Corner: Dual Regulatory System Works Well for Troubled Credit Unions

• Office of General Counsel Report: Navigating Multi-Featured Open-End Lending

• Board Member Hyland:  Board Perspectives: A "Small" Change Would Get the Big Results

• Board Member Fryzel:  Board Perspectives: ZzZzZzZ

• Office of Consumer Protection Report: Unclaimed Deposits Website Draws Thousands of Hits

• Office of Minority and Women Inclusion Report: Dodd-Frank Act Requires Regulators to Develop Diversity Standards and Assessments

• Region I Report: Working Together on Fraud

• Office of General Counsel Report: Agencies Issue Higher-Risk Mortgage Appraisal Proposed Rule

Fraud Information Center.  I was excited when I saw this mentioned in the Region I Report regarding fraud as I thought NCUA had developed a new way to inform credit unions of potential fraud.  

"Take advantage of NCUA’s online Information Center (http://go.usa.gov/r9H4). This webpage includes an update of current fraudulent schemes being aimed at credit unions, contains details about the agency’s fraud hotline (all reports remain confidential), offers background on phishing schemes where email are purportedly coming from NCUA, links to suspicious activity report (SARs) forms and guidance, and connects credit unions with other resources readily available, including the FBI, U.S. Postal Service, and the President’s Identity Theft Task Force, to name a few."  (emphasis added).

Unfortunately, the bolded language looks to be a landing page with past Fraud Alerts and Letters to Credit Unions.  Hopefully, there is an update or futher enhancements going on behind the scenes as well.