New on the Compliance Blog: Understanding the scope of OFAC sanctions, CFPB’s debt collection rule, more
As credit unions work to meet the needs of more than 127 million Americans during the coronavirus pandemic, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday.
Here's a roundup of what's new this week:
Beyond the SDN List: The Scope of OFAC Sanctions; NCUA Proposes Extended Exam Cycle Changes: NAFCU Regulatory Compliance Counsel Nick St. John dives deeper into the basics of complying with sanctions and regulations as well as some frequently asked questions regarding the Treasury Department’s Office of Foreign Assets Control (OFAC), specifically beyond OFAC’s Specially Designated Nationals (SDN) list. St. John describes other lists aside from the SDN that compliance professionals should consider when dealing with OFAC, including the Sectoral Sanctions Identifications (SSI) and Consolidated Sanctions Lists. Of note, the blog also details NCUA’s proposed extended exam cycle changes in its proposed 2022-2023 budget.
Debt Collection Rule and Call Limits—A Second Look: NAFCU Senior Regulatory Affairs David Park takes a closer look at the CFPB’s debt collection rule, which amended Regulation F, and is currently in effect. Park details the call limits in section 1006.14 of Regulation F which provides debt collectors with guidance about what may constitute conduct that violates section 806 of the Fair Debt Collection Practices Act (FDCPA). The blog tackles the call limits currently in the rule and what steps to take if a debt collector needs to make additional calls beyond the limits.
Preparing for the Death of a Member: In today’s blog, NAFCU Regulatory Compliance Counsel Keith Schostag discusses ways credit unions can prepare for the death of their members and their accounts and common issues they could face during that time. Schostag details issues credit unions may face regarding share accounts, share insurance, credit cards, and loans secured by real property, to help staff in the event of a death of a member.
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Tie-Breaker Ideas for Director Elections
Board and Governance
Add to Calendar 2023-06-06 14:00:00 2023-06-06 14:00:00 Avoiding and Resolving Harassment Claims: A Primer for Board Members The #me-too movement may have receded from the front of public consciousness, but the need to prevent and resolve harassment claims remains a key function for any employer. As community-oriented organizations, credit unions more than most feel a responsibility for the well-being of their members, employees and volunteers. This webinar, Avoiding and Resolving Harassment Claims: A Primer for Board Members provides both an introduction to the subject for board members, as well as selected deep dives on particular issues of interest to credit union volunteer boards. Key Takeaways Learn to identify the hallmarks of a situation in which it is appropriate for the board to become involved, as opposed to permitting effective resolution through normal human resources procedures Recognize the breadth of current law governing harassment claims, including newly prominent protected categories, the nature and severity of conduct which may constitute harassment, and the fact that conduct that may not rise to the level of a state or federal law civil rights violation may still violate the credit union’s own internal policies, procedures, and ideals, and be subject to appropriate discipline and remedial action Discover appropriate oversight roles for board officers, committee members including supervisory committee members, and other Board members, particularly in the context of passing along a report or complaint of harassment or inappropriate conduct Register Now$295 Members | $395 Nonmembers (Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until June 6, 2024.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board of director titles NCVEs and volunteer titles HR titles Education Credits NCVEs will receive 1.0 CEUs for participating in this webinar Web NAFCU email@example.com America/New_York public
Avoiding and Resolving Harassment Claims: A Primer for Board Members
Add to Calendar 2023-06-06 09:00:00 2023-06-06 09:00:00 Fighting Fraud: The Role of Fraud Fusion Centers Listen On: Key Takeaways: [00:56] The concept of a Fraud Fusion Center is a collaboration among professional fraud fighters. Anyone that has been doing this for a while forms a network of trusted advisors and we all go to each other anytime we come across some new or complex case. [02:50] Scams have always been around but the emergence of AI has made them far more sophisticated than we have ever seen before. [05:55] Person-to-person payment apps like Zelle, Venmo, and CashApp are not protected like debit and credit cards. [08:30] Every single time that new technology comes out that makes our lives better, fraudsters will find a way to exploit it. The current state of cyber fraud points credit unions in a lose-lose situation. [20:04] By identifying the information at one credit union and getting it out to others they are getting ahead of these threats. [22:19] Fraud Fusion Centers are critical. Formalize it and make it happen. Web NAFCU firstname.lastname@example.org America/New_York public
Fighting Fraud: The Role of Fraud Fusion Centers
Security, Fraud, Risk Management
The CFPB Announces Final Judgement Against Bank for Regulation Z Violations
Board and Governance
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