Compliance Update with Amy K

Your check fund hold notice may be compliant but doesn’t prevent most check deposit losses – we have an alternative solution for you! Plus, a cybersecurity alert, and more! 

Problem Solution Webinar – February 17
Please join DakCU and our speaker Ty Parker on February 17 at 12:30 p.m. (CT) as he provides Dakota credit unions a tour of the newest tools available exclusively from InfoSight: Check Deposit Notice Generator (CDNG) and Account Insurance Estimator (AIE).

Register for this free webinar here.

While your credit union’s current check fund hold notice is compliant, it doesn’t prevent most check deposit losses. Financial institutions incur over a billion dollars in check losses annually, and NO credit union has a “funds availability” notice that prevents most check losses (it’s an availability notice, NOT loss prevention).

Learn how the Check Deposit Notice Generator solves this problem by providing your credit union with all effective and critical check deposit notices, a solution to evaluate offered checks and train all employees to consistently: prevent large check deposit losses; eliminate unnecessary expenses; and provide “beneficial member check deposit service.”

Your credit union has hundreds-of-thousands to millions of members’ dollars in the NCUSIF, and yet misses numerous income and service opportunities annually because it provides NCUSIF “information only” to members as “coverage services.” The Account Insurance Estimator helps your employees instantly estimate all popular NCUSIF coverages and sell all products and services with excellent member coverage service.
 
Cybersecurity Alert
The National Credit Union Administration (NCUA) issued this cybersecurity alert regarding the current geopolitical events increased likelihood of cyberattacks.
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As discussed in the alert – “The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) has recently issued two alerts addressing risks from Russian State-Sponsored cyber threats and highlighting recent malicious cyber incidents suffered by public and private entities in Ukraine.

Given current geopolitical events, the NCUA, along with CISA, the Federal Bureau of Investigation, and the National Security Agency encourage credit unions and their cybersecurity teams nationwide to adopt a heightened state of awareness and to conduct proactive threat hunting. In addition, COVID-related supply chain disruptions may require management to reevaluate previously held assumptions for business continuity and disaster recovery plans.

Credit union leadership should be aware of critical cyber risks and take urgent steps to reduce the likelihood and impact of a potentially damaging compromise.”

The NCUA is encouraging all credit unions to review the two CISA alerts (above links) and act on applicable recommendations. The NCUA stresses that it is critical that credit unions do “its part to improve its resilience, reducing the risk of compromise or severe business degradation.”

Additional cybersecurity resources from the NCUA can be found here.
 
InfoSight – New Content
A new topic, Mergers and Insured Status Changes, has been added to Field of Membership. This topic provides credit unions with an overview on the NCUA regulations related to mergers and associated NCUIF insurance coverage and considerations. This topic also addresses insurance conversions/termination and the associated requirements.
Also, another new topic, Individual Taxpayer Identification Number (ITIN), has been added under the Tax Issues channel. This topic provides a summary and resources to assist credit unions with the requirements associated with an ITIN. 
 
CU Policy Pro Tips to Kick off the New Year Right
Log in. If it’s been some time since you’ve accessed CU PolicyPro and you can’t remember your login credentials, contact [email protected] for assistance. Please be sure to specify that you need your login information for CU PolicyPro.

Review your users. It’s hard to get momentum if the right people don’t have access to the right resources. If you are an Admin-level user, visit the Administration area of your site and review your users. Are there staff who no longer need access to CU PolicyPro and should be removed? Are there staff in your credit union who would benefit from having access to CU PolicyPro and should be added?

Set a specific review goal. Looking at a long list of policies can be overwhelming. Pick a few to start and review/update them completely, then pick a few more. The Assignments feature in CU PolicyPro can assist! Assigning specific policy reviews to staff and setting due dates for those assignments keeps the review process a priority throughout the year.  

Review content updates. Each policy in CU PolicyPro includes information on any recent updates to that policy. It’s a very convenient way to review updates as you are editing to be sure everything is up to date. Remember to consider any state or local laws or regulations that may impact your credit union, as well as any of your own operational information that may need to be customized within the policy.

Take some time for training. CU PolicyPro contains comprehensive Quick Guides to help you effectively use the CU PolicyPro policy management system. A bit of training can go a long way! There are also Training Videos (recordings of longer, more specialized training sessions) available to view on demand. Visit the Support area of CU PolicyPro and start training today! You’ll be on your way to updated and customized policies in no time!

CU PolicyPro allows credit unions to select more than 230 detailed model policies to help manage today's ongoing compliance and operational challenges. Your credit union has at its disposal a comprehensive suite of policies and regulatory compliance guidance written especially for credit unions by legal and financial experts.

Because your credit union is unique, CU PolicyPro not only includes the model policy content, but a full policy management system that lets you customize any model policy to fit your credit union’s individual operations. The policy management tools are robust yet easy to use, allowing easy maintenance of policies all in one place. Your existing polices can also be added to and maintained within the system.

Stay on top of regulatory changes with CU PolicyPro. Model policies are updated quarterly to keep current with changing laws and regulations.

The secure, web-based platform allows authorized staff to securely access, view, print and update policies from any internet connection at any time. A robust policy management tool allows easy maintenance of policies all in one place.

Every DakCU affiliated member has dues-supported access to this product!
Contact Amy Kleinschmit with any questions.

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