Amended Rule Effective Date: July 1, 2013 The Federal Trade Commission (FTC) has recently amended the Children’s Online Privacy Protection Rules (COPPA) in order to further control and monitor the collection of personal information from children and to create a safer and more secure online experience for them. Most of the revisions reflect evolving technology [...]
Clients frequently ask us about the new thresholds for various compliance rules for each year. Here's a quick recap of some key threshold changes for 2013. HMDA: The CFPB announced the threshold rose from $41 million in calendar year 2012 to $42 million effective January 1, 2013. This means that credit unions with assets of [...]
Keeping track of how long to keep various types of records can be a challenge. To assist those charged with managing records at their financial institution, we have compiled a Record Retention Schedule. The guideline is a universal listing of types of records credit unions may (or may not) create or use followed by a [...]
Let's start with the Wikipedia definition: “Cloud computing is the use of computing resources (hardware and software) which are available in a remote location and accessible over a network (typically the Internet). The name comes from the common use of a cloud-shaped symbol as an abstraction for the complex infrastructure it contains in system diagrams. [...]
Financial institutions have a variety of sources they can turn to to obtain compliance assistance. First, most financial institutions belong to one or more trade associations and most trade associations have attorneys or other compliance experts on staff that are available to answer questions on compliance issues. Many have compliance helpline numbers and email addresses, [...]
It’s difficult to put a price tag on the average cost for compliance, but all financial institutions can agree that their costs are increasing. A financial institution’s compliance costs include the cost of personnel, software to monitor suspicious transactions and to assist with other aspects of regulatory compliance, and/or the use of outside vendors. In [...]
Search for "compliance solutions for financial institutions" in your favorite web browser and prepare to be overwhelmed. You’ll see software solutions as well as names of national and regional consultant firms. They promote solutions geared to today’s challenging examination world. So, what are best solutions on the market? Of course, since you're reading this on [...]
According to the most recent data, the most common compliance violations are in the following areas: Equal Credit Opportunity Act/ Regulation B’s requirement for joint signatures and incomplete or missing adverse action notices; RESPA/Regulation X ‘s tolerance requirements for settlements costs disclosures in the Good Faith Estimate; National Flood Insurance Act/ Part 760 of the [...]
The lowest-cost compliance resource undoubtedly remains the information from the regulatory agencies. Of course, they’re also the one who deliver the highest cost non-compliance adherence penalties so take that resource for what it’s worth. Nonetheless, the information regularly produced by the federal agencies is extensive and available at no material cost. As would be expected, [...]
Generally, the answer is “yes”. However, it will depend on the nature of the outsourced solution. The role of a Compliance Officer is multi-faceted. A Compliance Officer must monitor new and changing regulations and determine whether they affect credit union operations. He/she must keep senior management and the Board apprised of regulatory changes and must [...]