the AffirmX blog

What are the best compliance solutions on the market for credit unions and banks?

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 [...]

By |2013-05-09T19:49:03+00:00May 9th, 2013|Compliance Tips|0 Comments

What are the most common compliance violations made by credit unions?

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 [...]

By |2013-05-07T15:04:41+00:00May 7th, 2013|Compliance Tips|0 Comments

Are there lower-cost compliance resources available?

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, [...]

By |2013-05-06T14:43:21+00:00May 6th, 2013|Compliance Tips, FAQs|0 Comments

Does my credit union still need a Compliance Officer if we use outsourced solutions?

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 [...]

By |2013-05-02T15:50:19+00:00May 2nd, 2013|Compliance Tips|0 Comments

What is Consumer Regulatory Compliance?

In the financial services area, consumer regulatory compliance refers to compliance with those laws and regulations that have been enacted to protect the unwary consumer and to ensure that consumers make informed financial decisions. There are a host of laws and regulations that have been enacted for this purpose, including among others the Truth-in-Lending Act [...]

By |2013-05-02T15:48:28+00:00May 2nd, 2013|Compliance Tips|0 Comments

What Questions Should My Credit Union Ask When Choosing a Compliance Solution?

Like any good solution, the key is fit. The compliance solution should be scalable to meet the dynamic needs and risk factors of the Credit Union while remaining within the Credit Union’s financial capacity and/or constraints. Finally, a good solution must be a fit with respect to the organizational approach of the Credit Union and [...]

By |2013-05-02T15:46:59+00:00May 2nd, 2013|Compliance Tips|0 Comments

Why Should My Credit Union Consider a Shared Compliance Officer Solution?

Even the best compliance officer remains largely isolated within their credit union. While peer groups, conferences, and informal exchanges with other credit unions unquestionably aid the compliance officer, there remains a limit to those interactions. This is in contrast to the benefits of a shared compliance officer solution. The credit union gains exponential experience through [...]

By |2013-05-02T15:44:58+00:00May 2nd, 2013|Compliance Tips|0 Comments

Spring Cleaning: A Refresher on 2016 Regulation Adjustments

We've plowed right in to 2016 and groundhog day has come and gone. Everyone's favorite Punxsutawney Phil luckily did not see his shadow, predicting an early thaw. However, the compliance new year brought about minor new regulatory changes; changes that could be casting their own shadow on your institution's regulatory efforts. A quick review will help us all [...]

By |2010-02-08T14:41:04+00:00February 8th, 2010|Blog|Comments Off on Spring Cleaning: A Refresher on 2016 Regulation Adjustments

CIP Requirements for Prepaid Cards: Keeping Up with the Bad Guys

As financial institutions become ever more vigilant in monitoring for suspicious activity, it seems that criminals find ever more inventive ways to launder money and commit financial crimes. One of the more recent tactics involves using “dirty” money to purchase prepaid cards that can then be used by, sold by, or transferred to other parties. As a [...]

By |2000-07-06T15:55:06+00:00July 6th, 2000|Compliance Tips|Comments Off on CIP Requirements for Prepaid Cards: Keeping Up with the Bad Guys