New NCUA Database; NCUA YouTube Video Series; Free NAFCU Compliance Seminar UDAAP Presentation PowerPoint
Â Written by Eliott C. Ponte, Law Clerk
NEW NCUA Database for Financial Service Providers
Last week, the NCUA announced a new online tool to assist credit unions in finding financial service providers.Â Created by the NCUAÃ¢ÂÂs Office of Small Credit Union Initiatives, the database will give credit unions the ability to research credit union service providers at no charge.
According to William Myers, Director of the Office of Small Credit Union Initiatives, Ã¢ÂÂcredit unions are often looking for companies to provide products and services to help them meet membersÃ¢ÂÂ needs, comply with regulations, or just handle day-to-day operational requirements.Ã¢ÂÂÂ Director Myers believes that Ã¢ÂÂNCUAÃ¢ÂÂs new program can help [credit unions] find the right supplier.Ã¢ÂÂ
While I agree with Director Myers that such a database will benefit credit unions, after looking at the database, it does not appear that the database was ready to be released to the public.Â Several categories listed in the database, like Ã¢ÂÂMember Business Loan CUSO,Ã¢ÂÂ Ã¢ÂÂCost Benefit Analysis,Ã¢ÂÂ and Ã¢ÂÂCredit Reporting ServicesÃ¢ÂÂ are completely empty. Â Yes, the database is blank in several areas; but once vendors register, credit unions will be able to use this database as it was intended to be used... to find third party servicers.Â
NCUA Goes to YouTube to Fight Fraud
Regular NAFCU Compliance Blog readers will remember that we blogged about a NCUA video series on Fraud Prevention back in July of 2014.Â In our July blog post, we noted that the NCUA had only released half of their eight-part series.Â The first half of the series provided an overview of the series, and outlined the importance of maintaining a policy on employee fraud and conducting surprise cash counts. Â The second half of the series includes videos on:
- Employee family accounts
- Vault cash
- File maintenance transaction reports
In addition to the three videos listed above, there is also a conclusion video that highlights the main points of the entire video series, and discusses several helpful resources available to credit unions.Â After watching the latest four parts, I can attest that this video series is both well done and informative.Â I encourage credit unions to take advantage of this free resource.Â
The complete eight-part series, Ã¢ÂÂDeterring, Preventing and Detecting Employee Dishonesty,Ã¢ÂÂ is available on NCUAÃ¢ÂÂs YouTube channel.
NAFCU Compliance Seminar Slides on UDAAP Available: See What You Missed
Last month, former colleague Steve Van Beek presented on UDAAP at NAFCUÃ¢ÂÂs regulatory compliance seminar.Â If you were not one of the lucky compliance officers that got to here SteveÃ¢ÂÂs excellent presentation on UDAAP, but you are interested in all the information that you missed:Â well, youÃ¢ÂÂre in luck!Â Steve has made available his power point presentation to at no cost.Â Click on this linkÂ to access his presentation and see what you missed by not attending.
NAFCU Closed on Veterans Day; Thank You!
In honor of VeteranÃ¢ÂÂs day, NAFCU will be closed on Tuesday, November 11, 2014.Â NAFCU will reopen at 9:00 AM on Wednesday, November 12, 2014.Â
The NAFCU compliance team would like to thank all veterans for their service and sacrifice.Â Â We appreciate all that you have done to make sure that freedom still comes free.Â Thank you.