By: Katherine Romano Schnack, VP Legal, LSC
If your job responsibilities include staying on top of fraud trends, you know that it can be an overwhelming task. There are countless news articles every day about data security and fraud related to financial institutions. There are free—yes free—resources from the federal government that can help you raise ...
Illinois Insurance Code Licensure Requirements
By: Ashley Sharp, VP State Advocacy & Legislative Counsel
Over the years, changes have been made to licensure requirements under the Illinois Insurance Code, and as a result, recent clarification has been issued to ensure that financial institutions understand how licensure laws apply to their employees.
Current law enables financial institutions to transact insurance business in Illinois, but requires ...
What is Account Takeover and Synthetic Fraud
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 ...
Opening Accounts for Sole Proprietorships
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 ...
Automobile Lending and Pitfalls in a Rising Rate Environment
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 ...
BSA-Approach to Board & Staff Training
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, ...
Safe Harbor for Reporting Elder Abuse
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 ...