Allied Solutions

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Internal Fraud and the Role of the Supervisory Committee (Whitepaper)

What role does the Supervisory Committee play in finding internal fraud within a credit union? Being aware of their key responsibility is critical to the success of the committee’s role and also keeping the CU safe from losses caused by internal theft. This article briefly touches on fraud detection techniques and the responsibility of the Supervisory Committee in uncovering internal fraud.

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Overview

Innovative Solutions...Exceptional Service^TM

Allied Solutions has provided innovative, value-added products and services to financial institutions and their members for 27 years. As the NAFCU Services Preferred Partner for Bond, Impact Overdraft, Moneyaisle.com Reverse Car Loan & CD Auctions, Creditor Placed Insurance (CPI), Guaranteed Auto Protection (GAP) and Mechanical Breakdown Protection (MBP), we strive to consistently give our clients a competitive advantage, by using cutting edge technology, training support and a level of superior service that is unsurpassed.

Products/Services

Credit Union Bond Insurance

Allied Solutions has established itself as a premier provider of Credit Union Bond and Property & Casualty Packages of coverage. We are in our 10th year of service, handling over $40,000,000 in claims over the last 9 years. Our longevity in this specialty market place is a result of a high level of underwriting and claims experience provided by our Bond Division. Our employees have an average of over 25 years experience in the financial institution bond market. As an independent agent we offer credit unions the ability to select from different insurance carriers. This process creates a competitive environment amongst the insurance carriers which normally leads to very competitive pricing and coverages.

Allied also has a strong reputation in the area of risk management services and training. Some of our services include on-site risk reviews, scam alerts, directors and officers liability training, bondability, check fraud training, robbery training and risk alert newsletters. In a market which demands longevity, reliability, trustworthiness, and superior service, Allied has made its mark in the Credit Union Bond industry. Download brochure.

Overdraft Protection

If an account with this service becomes overdrawn, a check may still be paid rather than returned (subject to the terms and conditions of the credit union). The standard NSF fee is still charged by the credit union for each check presented in excess of the account balance, however the member and the merchant are spared the embarrassment, inconvenience and additional costs imposed by checks returned, compared to accounts without the service. Overdraft protection can dramatically increase your current NSF revenue on average 75-100 percent.

Creditor Placed Insurance (CPI)

The insurance program combined with our technologically advanced, state-of-the-art tracking system UNITRAC, is the most comprehensive solution available for managing the risk associated with auto and other collateralized loans. Both the system and the insurance program are customized to meet your specific needs. Download brochure.

Guaranteed Auto Protection (GAP)

Coverage available for new/used private passenger autos and light duty non-commercial trucks (available on other types of collateral as well). Coverage is provided throughout the loan term, not to exceed 84 months. Pays the difference between the loan payoff and ACV of the vehicle in the event of total loss, plus up to $1,000 primary carrier deductible in the event of total loss. Coverage for up to 60 days following repossession, and coverage for delinquent payments.

Mechanical Breakdown Protection (MBP)

Our program covers authorized repairs anywhere in the U.S. and Canada. Borrowers have a choice of deductibles, and can rely on fast claims service and instant authorization for repairs via toll-free telephone numbers. Our underwriter pays the repair facility directly, so your borrower simply pays a deductible at the time of service.

MoneyAisle^TMReverse Car Loan and CD Auctions

MoneyAisle.com runs live reverse auctions between consumers and financial institutions for consumer auto loans and deposit products. Consumers get great rates with one stop shopping. Credit unions get inexpensive access to new members with precision control on the amounts, credit quality, loan characteristics, and geographic location. For more information, contact Bob Watterson at bwatterson@moneyaisle.com. Download overview.

Solution Benefits

Overdraft protection can be implemented at your credit union in 45-60 days with no license fee or implementation cost and as an added bonus, there is a 10% program discount for all NAFCU credit unions.
Allied Solutions offers 50% off the first year's cost of title tracking services for NAFCU member credit unions enrolling in CPI.
Protection against financial loss resulting from GAP. Releases borrower from early termination debt liability. No unexpected out-of-pocket expenditures.
MBP costs hundreds of dollars less than plans offered by auto dealerships. Extensive coverage with a choice of a $0, $25, or $50 deductible. Extra benefits such as rental car reimbursement, tire coverage, lost key and towing services.

NAFCU Member-only Benefits

CPI - 50% discount off the cost of title tracking service for first year; Allied Solutions donates money to charity in the credit union's name for every GAP and Mechanical Breakdown policy. Setup fee waved for MoneyAisle reverse auctions.

Educational Resources

The Supervisory Committee: Focusing on Fraud Detection (Article)
Credit unions have a “watchdog” looking out for their interests, overseeing operations and ensuring their records are maintained with honesty and integrity: the supervisory committee. The committee has a host of tools at its disposal to carry out its purpose, including an annual audit of the credit union. Information gleaned from this audit assists the committee in evaluating credit union operations and in making recommendations to the board. The supervisory committee may also perform surprise cash counts, review non-financial transactions or reconcile credit union accounts with an eye toward compliance with laws and regulations. All these activities place the committee in a prime position to catch suspicious transactions or behaviors that may indicate fraud.
Internal Fraud and the Role of the Supervisory Committee (Whitepaper)
What role does the Supervisory Committee play in finding internal fraud within a credit union? Being aware of their key responsibility is critical to the success of the committee’s role and also keeping the CU safe from losses caused by internal theft. This article briefly touches on fraud detection techniques and the responsibility of the Supervisory Committee in uncovering internal fraud.
MoneyAisle.com Solution Demonstration (Recorded Webinar)
Explore a new way to grow your auto loan portfolio! NAFCU Services Corporation and its Preferred Partner, Allied Solutions, recently selected MoneyAisle.com for reverse online auction solutions for credit unions!
Self-insured Bond and D&O Exposures (Webcast)
Often the coverage a credit union thinks it has is not its actual coverage and this becomes apparent when a claim is made. So what is not covered in the bond? Patrick Touhey of Allied Solutions helps credit unions understand the self-insured exposures in their bond contracts.
Strategizing for the New Reg E Overdraft Protection Requirements (Recorded Webinar)
Recent amendments in Regulation E, the regulation which carries out the requirements of the Electronic Funds Transfer Act, will significantly change the existing overdraft protection program at your credit union. It's critical to understand these changes, build a sound strategy to serve and educate your members, and preserve or even enhance your current levels of NSF income. This educational webinar, Strategizing for the New Reg E Overdraft Protection Requirements, is presented by Gerald Witcher, National Product Manager for Overdraft Protection at Allied Solutions.
Creditor Placed Insurance in 2010 (Article)
Peg Reinking, senior vice president, loan servicing products division at Allied Solutions, is featured as a guest columnist in NAFCU's March/April 2010 issue of The Federal Credit Union Magazine to explain key success factors for credit union CPI programs in 2010.
Creditor-Placed Insurance (CPI): Understanding Payment Recalculation Modules (Webcast)
Check out a new tool from Allied Solutions that automates the sometimes daunting process of re-calculating borrower loan payments when Creditor Placed Insurance (CPI) policies change. Credit unions can see staff time savings of up to 75 percent with much greater accuracy versus a manual, labor-intensive process that is often prone to miscalculation. John Harcourt, 2nd Vice President, presents.
Check Fraud Part I - Fraud Methods and Types of Scams (Webcast)
Check out the first webcast in a two-part series designed to educate credit unions on identifying instances of and decreasing losses from check fraud. Patrick Touhey of Allied Solutions reviews methods such as paperhanging, check kiting, check washing and counterfeiting. He continues discusses common scams such as lottery scams, eBay scams, Nigerian scams, and phishing and pharming scams.
Check Fraud Part II: Fraud Detection Basics (Webcast)
The second in a two part webcast series, Patrick Touhey of Allied Solutions highlights check fraud prevention and detection measures. Discover strategies and tactics credit unions can use to prevent check fraud.
Managing Risk: Member Business Lending (Webcast)
Allied Solutions is a premier provider of Credit Union Bond and Property & Casualty Packages of coverage. It has a strong reputation in the area of risk management services and training. Services include on-site risk reviews, scam alerts, directors and officers liability training, bondability, check fraud training, robbery training and risk alert newsletters.
Overdraft Privilege - The Basics (Webcast)
If an account with overdraft becomes overdrawn, a check may still be paid rather than returned (subject to the terms and conditions of the credit union). A standard NSF fee is still charged by the credit union for each check presented in excess of the account balance, however the member and the merchant are spared the embarrassment, inconvenience and additional costs imposed by checks returned, compared to accounts without the service. Overdraft protection can dramatically increase your current NSF revenue on average 75-100 percent. Gerald Witcher of Allied Solutions explains the basics of an overdraft offering.
Overdraft Privilege - How to Turbo-charge an Existing Program (Webcast)
If an account with overdraft becomes overdrawn, a check may still be paid rather than returned (subject to the terms and conditions of the credit union). A standard NSF fee is still charged by the credit union for each check presented in excess of the account balance, however the member and the merchant are spared the embarrassment, inconvenience and additional costs imposed by checks returned, compared to accounts without the service. Overdraft protection can dramatically increase your current NSF revenue on average 75-100 percent. Gerald Witcher of Allied Solutions shows credit unions how to turbocharge an existing overdraft program.
Managing Risk: Robbery (Webcast)
Allied Solutions is a premier provider of Credit Union Bond and Property & Casualty Packages of coverage. It has a strong reputation in the area of risk management services and training. Services include on-site risk reviews, scam alerts, directors and officers liability training, bondability, check fraud training, robbery training and risk alert newsletters. Allen Stendahl examines best practices for managing the risk of robbery.

News

Affinion Group, Allied Solutions and Insuritas Win NAFCU Services’ 2011 Innovation Awards (June 27, 2011)
SAN FRANCISCO — NAFCU Services Corporation today announced the winners of its 2011 Innovation Awards at NAFCU’s 44th Annual Conference & Exhibition at the Moscone Convention Center in San Francisco. Each year, NAFCU Services recognizes three of its Preferred Partners for outstanding, innovative solutions recently introduced to the credit union market.
NAFCU Services Selects MoneyAisle as a Partner to Increase Auto Loan Production at Credit Unions (January 11, 2011)
WASHINGTON – NAFCU Services Corporation today announced its selection of MoneyAisle.com, an Allied Solutions partner, as a recommended solution to help increase auto loan production for credit unions. Allied Solutions is a NAFCU Services’ Preferred Partner.
Allied Solutions, Insuritas and Prime Alliance Win NAFCU Services 2010 Innovation Awards (July 19, 2010)
CHICAGO — NAFCU Services Corporation (www.nafcu.org/nafcuservices) has announced the winners of its 2010 Innovation Awards at NAFCU's 43rd Annual Conference & Exhibition at Navy Pier Chicago.
Strategies to Implement a Successful Reg E-Compliant Overdraft Program Unveiled in Free Webinar (March 24, 2010)
WASHINGTON - NAFCU Services Corporation (www.nafcu.org/nafcuservices) and Allied Solutions (www.nafcu.org/Allied), the NAFCU Services Preferred Partner for overdraft protection, today announced that their recent popular webinar, "Strategizing for the New Reg E Overdraft Protection Requirements," is now available.
Free Webcast from Allied Solutions and NAFCU Services on Innovative New CPI Payment Recalculation Tool (December 14, 2009)
WASHINGTON - NAFCU Services Corporation (www.nafcu.org/nafcuservices) recently introduced a free webcast focused on a new tool from Allied that automates the sometimes daunting process of re-calculating borrower loan payments when Creditor Placed Insurance (CPI) policies change.
Free Webcast Offered on Latest Trends in Check Fraud from NAFCU Services and Allied Solutions (October 27, 2009)
WASHINGTON - NAFCU Services Corporation (www.nafcu.org/nafcuservices) today released a free webcast with its Preferred Partner, Allied Solutions, on check fraud. The webcast is the first in a two-part series designed to educate credit unions on identifying instances of and decreasing losses from check fraud.
Allied Solutions' Bond Division Joins NAFCU Services Preferred Partner Program for Bond and Related Insurance Solutions (November 5, 2008)
WASHINGTON — NAFCU Services Corporation announced today that Allied Solutions, LLC Specialty Lines & Bond Division has become a Preferred Partner for Bond and Related Insurance Solutions.