ViClarity Compliance Update

ViClarity’s latest compliance update highlights key regulatory topics, including BSA requirements, account management, consumer reporting, and NCUA deregulation efforts, helping credit unions stay informed and compliant.

Credit unions continue to navigate an evolving regulatory environment, making it essential to stay current on compliance expectations and emerging industry guidance. In its latest compliance update, ViClarity highlights several important topics, including Truth in Savings requirements, account management procedures, Bank Secrecy Act (BSA) considerations, Fair Credit Reporting Act compliance, and risk governance best practices.
 
ViClarity's September FAQ update addresses a range of real-world compliance questions that credit unions may encounter. Key topics include advertising requirements for certificate promotions, whether members can opt out of certificate renewal notices, account closure procedures, permissible purposes for obtaining consumer credit reports, SAR confidentiality requirements, and Office of Foreign Assets Control (OFAC) considerations related to fraud and account takeover incidents.
 
A common theme throughout the guidance is the importance of balancing regulatory compliance with operational efficiency. Credit unions are encouraged to periodically review policies and procedures to ensure they remain aligned with current regulatory expectations while continuing to support member service and risk management objectives.
 
The update also examines the Risk Governance and the NCUA’s Deregulation Efforts, which are intended to reduce unnecessary regulatory burden while maintaining safety and soundness standards. Rather than viewing these changes as a reason to eliminate controls, ViClarity encourages credit unions to use this opportunity to evaluate existing policies, assess their effectiveness, and determine whether they continue to support the institution's risk profile.
 
As regulatory expectations shift, thoughtful governance and risk-based decision-making will remain critical. Credit unions should carefully consider the purpose behind existing controls, document the rationale for any changes, and ensure that flexibility gained through regulatory relief is balanced with prudent risk management practices.
​

.The Dakota Credit Union Association’s dues-supported compliance solution –  ViClarity – is a world leader in credit union compliance. To read the complete articles/answers that are linked, you will need to log in with your username and password. If you have questions about establishing your members-only account with ViClarity, click here for detailed instructions or contact DakCU's George McDonald.