New on the Compliance Blog: Merger record retention, FinCEN’s ‘new power’
As credit unions work to meet the needs of more than 134 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
Here's a roundup of what's new this week:
Merger and Acquisition Record Retention: Survivor Edition: Regulatory Compliance Counsel JaMonika Williams writes about the circumstances related to record retention policies that arise when two credit unions merge and how to clarify which of the two credit unions’ policies should be followed.
FinCEN Flexes New Power in Bitzlato Order: Director of Regulatory Compliance Nick St. John details the Financial Crimes Enforcement Network’s (FinCEN) first use of its power to declare an institution to be a “primary money laundering concern in connection with Russian illicit finance.” St. John explains that this “new power” was included as a provision in the 2021 National Defense Authorization Act and allows the Treasury Department and its subagencies – such as FinCEN – to declare certain institutions, types of transactions, or certain accounts to be instruments of Russian money laundering.
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Add to Calendar 2023-03-20 14:00:00 2023-03-20 14:00:00 Liquidity Considerations in Light of Silicon Valley Bank As the financial industry is discussing the ramifications of the recent closings of Silicon Valley Bank (SVB) and Signature Bank, many are asking themselves, “Where do we go from here?” This is an opportunity to take a step back and evaluate your institution’s next steps in this rapidly changing environment. The combination of mindset, critical thinking, and an understanding of the potential impact of different scenarios has increased in importance. In this webinar, Liquidity Considerations in Light of Silicon Valley Bank, your questions and concerns will be addressed about short-term and long-term liquidity management and analysis, opportunities and risks that could arise from member actions, and the importance of maintaining trust and communication with your members throughout this wild ride. Key Takeaways Heighten your thought process and strategies regarding the position of your credit union and considerations around potential actions Understand how evaluating your liquidity, ranging from expectations to stress events, from 3 levels helps you gain perspective on how much you may directly control, versus liquidity that is reliant on others Explore examples of critical thinking around the potential outcomes that you may want to examine FREE FOR ALL Register NowOne registration gives your entire team access to the live webinar and on-demand recording until March 20, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend C-suite Executive vice presidents Education Credits NCRMs will receive 1.0 CEUs for participating in this webinar Web NAFCU firstname.lastname@example.org America/New_York public
Liquidity Considerations in Light of Silicon Valley Bank
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Add to Calendar 2023-03-16 14:00:00 2023-03-16 14:00:00 AI Lending Partnerships and the Power of Efficiency About The Webinar How one credit union is balancing profitability and member growth with personal loans. Discover how your credit union can tap into personal lending opportunities to gain new, creditworthy members safely, even in periods of economic volatility. This session will dive deep into how a Chief Lending Officer is growing members in Arizona and proactively managing their return targets. Attendees will hear about: Attracting new members for long-term growth with a digital-first experience The benefits of AI-driven lending, including more accurate credit decisioning How Vantage West is navigating a successful partnership with a fintech How Upstart has helped Vantage West lend more inclusively as a CDFI Web NAFCU email@example.com America/New_York public
AI Lending Partnerships and the Power of Efficiency
Add to Calendar 2023-03-15 14:00:00 2023-03-15 14:00:00 Exponential Fraud Exposure: Reg II Awareness About the Webinar On this webinar we explore the impact of Reg II on card-not-present fraud. We’ll hear from Ann Davidson, VP of Risk Consulting, at Allied Solutions and a first-hand account of the implications attached to this regulation from Tracie Wilcox, President and CEO of On Tap Credit Union. We will examine how the timeline, with an effective date of July 1, 2023, will likely create unintentional negative consequences for consumers and credit unions as they’re forced to reprioritize this implementation over other consumer-oriented and security-focused improvements. This webinar will provide valuable insights into the challenges and potential solutions for navigating the new regulation. Attendees will walk away equipped with: An overview of Reg II and the upcoming implementation deadline. Steps to take to mitigate exposure. Examples of the risks on the horizon. Ann and Tracie are looking forward to sharing their vast experience and knowledge with the NAFCU community on March 15th. WATCH NOW Web NAFCU firstname.lastname@example.org America/New_York public
Exponential Fraud Exposure: Reg II Awareness
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