Compliance Blog

Sep 21, 2015
Categories: Home-Secured Lending

NCUA’s September Edition of the NCUA Report Goes Live!

Written by Eliott C. Ponte, Regulatory Compliance Counsel

The September Edition of the NCUA Report

Last week, the NCUA released its September 2015 report.  Featured articles include: 

One article I want to highlight is Preparing for an Active Shooter Situation.  Unfortunately, active shooter situations have become more prevalent over the recent years.  While these events are still rare, the article states credit unions may want to consider preparing for an active shooter situation at or near their credit union.  Credit unions should note that this article does not impose any new regulatory requirements and whether to implement such training is a business decision for the credit union.  If the credit union is interested in conducting active shooter training, the article offers a three step model to help train employees run, hide, or fight.

The article also highlights two training resources that are available to the credit union at no cost.  First, the article highlights a training video produced and published by the Federal Bureau of Investigation.  The introduction to the video is slightly graphic no more than a typical action movie but the video demonstrates the run, hide, or fight model in action.  Second, FEMA has an interactive web based course on active shooters.  The course also has a final exam, which may be helpful for credit unions that are interested in have a self-paced active shooter training program.  FEMA's course is one hour long, but is very helpful for credit unions who wish to offer this type of training to their employees at no cost.

Another article that is worth reading is the Flood Insurance Requirements Expanded for Lenders and Servicers. While NAFCU's Victoria Daka published a detailed article on the new flood insurance requirements in the September Compliance Monitor, the NCUA article provides a high-level summary of the major changes to the flood rule.

***

Advanced Topics in BSA

Live Webcast: Tuesday, September 29 | 2:00 p.m. - 3:30 p.m. EST

An old dog can provide new tricks and that is exactly the case with the BSA.  Despite existing for half a century, the act is constantly evolving, and you need to ensure you are keeping up with the changes.  Join us and cover hot BSA topics regarding OFAC penalties and enforcement actions, due diligence requirements, human trafficking, and more.  For more information, click here.