Vendor management, BSA detailed at seminar
On Tuesday, David Reed (Reed and Jolly PLLC) and Rusty Vellek (Transportation FCU, standing at right) discussed how to create a culture of compliance.
Oct. 24, 2013 – The second day of NAFCU’s Regulatory Compliance Seminar in Nashville provided attendees an overview of key issues in vendor management, more on CFPB’s activities and a look at Regulation E error resolution procedures.
Wednesday’s sessions on vendor management looked at this issue from two perspectives. Speaking from the vendor’s perspective was Andy Vanderhoff, CEO and founder of Quantivate, a NAFCU Services Preferred Partner, who focused on requests for proposals, contract negotiations and performance management. An attorney’s perspective was presented by Michael Bell, an attorney at Howard & Howard, who focused on risk identification and negotiating contract modifications.
Also addressed Wednesday were:
- more on the CFPB from Steve Van Beek (Howard & Howard);
- Regulation E error resolution, from Mary-Lou Heighes, president and founder of Compliance Plus Inc.;
- merger due diligence, from Bell; and
- the need for the credit union’s Bank Secrecy Act program to evolve, from Heighes.
The Regulatory Compliance Seminar continues today with a look at fair lending, mortgage servicing rules, CFPB’s ability-to-repay/qualified mortgage rule and more.
Regulatory Compliance Seminar