Compliance Blog

By: Mary Anne Colucci, LSC Director Fraud & Risk Identity theft is the deliberate use of someone else’s identity, usually as a method to gain financial advantage or obtain credit and other benefits in another person’s name. There are different categories of identity theft, true name, account takeover and synthetic identity theft. According to the 2018 Javelin Strategy ...

By: Joni Senkpeil, Vice President Compliance Solutions  In this week’s edition of the Compliance Blog Joni will address required credit union signage, one of the most frequently asked questions received by the ICUL Compliance Team. Click here to view the complied information, including links and citations.

By: Kevin Shaw, Regional Director This is the time of year when credit unions typically bring the board of directors and management team together to map out the future of the credit union.  The planning process typically consist of strategic, tactical, and operational initiatives as the credit union sets both long and short term goals.  The team ...

By: Shannon Basile, Compliance Analyst A sole proprietorship is a type of business ownership structure which allows individuals to conduct business using a name other than their legal name.  The Illinois Assumed Business Name Act requires all sole proprietorships to register its business name with the local county clerk’s office by filing an Assumed Name Certificate.  The ...

By: Kari Osier, Compliance Specialist The NCUA recently released a supervisory letter detailing examination procedures to the Bank Secrecy Act (BSA) beneficial ownership and customer due diligence (CDD) rules that were published in May 2016 and became effective on May 11, 2018. The supervisory letter provides all federally insured credit unions with examination expectations that examiners will ...

By: Patrick Smith, SVP Regulatory Affairs Two of NCUA’s 2018 Examination Priorities involve interest rate risk and automobile lending.  A prolonged relatively stagnant rate environment over the past decade and an overall strong economy, have a way of lulling us to sleep. Given the current uptick in interest rates, a proactive approach is warranted.  This is especially important ...

By: Pat Voss, AVP Member Outreach As stated in my first blog in February, Federal and State regulatory examination of credit unions’ compliance with the Bank Secrecy Act (BSA) has grown significantly over the years and continues to be at the top of examiner priorities when visiting credit unions. It doesn’t matter whether you are considered a large, ...

By: Rick Goluszka, Regional Director There are many benefits for credit unions in the recently passed Economic Growth, Regulatory Relief, and Consumer Protection Act (S2155).  Section 303 of the Act (Immunity from Suit for Disclosures of Financial Exploitation of Senior Citizens) clarifies the Safe Harbor rules applicable to credit unions and individual employees when they report suspected ...

By: Shannon Basile, Compliance Analyst In April the Financial Crimes Enforcement Network (FinCEN) issued its FAQs regarding the CDD requirements for financial institutions. The guidance provides clarification on many aspects of the new rule. Specifically, the steps financial institutions must take to be in compliance when doing business with legal entities. This blog will cover a sample ...

By: Patrick Smith, SVP Regulatory Affairs I hope everyone is having a wonderful summer.  Since we have reached the mid-year point, I thought it would be a good time for Illinois credit unions to revisit and reflect on NCUA’s Top Supervisory Priorities for 2018.  Many of these priorities (if not all of them) will likely carry into ...