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Posted: Dec 6, 2018
Categories: Regulations
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The Payments Review compliance feature occasionally highlights regulatory topics important to credit unions.

Federal regulators are reaching out and helping credit unions and community banks with a series of changes.


On October 3, 2018, Federal regulators ruled that credit unions and community banks can pool resources for anti-money laundering. The Wall Street Journal, citing a statement from the Federal Reserve, the Federal Deposit Insurance Corp., the Treasury Department, the Office of the Comptroller of the Currency and the National Credit Union Administration, reported that the decision was borne out of a working group that the agencies created to improve anti-money laundering processes. The decision is a more significant attempt to help strengthen money laundering defense in the US. However, the sharing of resources does not alleviate the responsibilities of the individual institution. It should also be noted that this does not change the existing legal and regulatory requirements. Additionally, if an institution decides to share resources, it should be done in the same manner as any other business relationship.

 

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Posted: Nov 14, 2018
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ThePaymentsReview compliance feature occasionally highlights regulatory topics important to credit unions

On October 17, 2018, Acting Director of the Bureau of Consumer Financial Protection (BCFP) (previously the Consumer Financial Protection Bureau - CFPB), Mick Mulvaney, announced at the Mortgage Bankers Association, that the Bureau has set out on an agenda to better define the term “Abusive” in the Unfair, Deceptive, and Abusive Acts or Practices (UDAAP).

 

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Posted: Oct 23, 2018
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Author: Lou Grilli

Security For Your PCI Reports

A typical credit union downloads its report bundles daily from its processors. Usually, the only option is to store those highly sensitive Payment Card Industry (PCI) report bundles on a network drive, with some level of appropriate user access controls. The reports contain 16-digit card numbers, transaction-level details, and Personally Identifiable Information (PII) of credit union members. However, the network drive is not in a PCI compliant environment. Does this sound familiar? More importantly, do you know where your processor reports are being stored?

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Posted: Aug 14, 2018
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Author: Lou Grilli

Planning for the Breach - the WISP and IRP

Understanding and managing the risks associated with the changing world of data security, and being prepared for breaches and how to respond, have become business necessities. This three-part series, based in part on a presentation given by Michele L. Cohen, a principal with the law firm Miles & Stockbridge P.C., at Trellance’s immersion 2018 conference, outlines the balancing act between convenience and data, and provides a framework for preparing for breaches and what actions to take in response. Part 1 focused on what is at risk; what causes breaches, and the fact that breaches are inevitable. This Part 2 will focus on planning and documentation for the inevitable.

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Posted: Jul 24, 2018
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3 Things Boards Can Do To Protect Their CU's Reputation


[Editor's Note: This article was previously published on CUES' CCUBE, and has been modified.]

Credit unions have become more aware of the importance of having a strong online presence and many are equipping themselves with the information and talent needed to be successful. In fact, if you are succeeding in today’s business environment, chances are you have an online presence—and having a strong online presence dictates that you become an active participant in the world of social media.

 

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