Written by Eliott C. Ponte, Regulatory Compliance Counsel
The September Edition of the NCUA Report
Last week, the NCUA released its September 2015 report. Featured articles include:
- Preparing for an Active Shooter Situation
- Chairman’s Corner: The Power of Partnerships
- Small Steps by Members Can Prevent Big Losses
- Board Perspectives: Building a Better Playbook
- Board Perspectives: Out Membership Rules Can Be Better with Your Help
- Understanding the Purchase and Assumption Process
- Flood Insurance Requirements Expanded for Lenders and Servicers
- Credit Union Locator Gets New Look, Search Functions, and Map Features
One article I want to highlight is Preparing for an Active Shooter Situation. Unfortunately, active shooter situations have become more prevalent over the recent years. While these events are still rare, the article states credit unions may want to consider preparing for an active shooter situation at or near their credit union. Credit unions should note that this article does not impose any new regulatory requirements and whether to implement such training is a business decision for the credit union. If the credit union is interested in conducting active shooter training, the article offers a three–step model to help train employees—run, hide, or fight.
The article also highlights two training resources that are available to the credit union at no cost. First, the article highlights a training video produced and published by the Federal Bureau of Investigation. The introduction to the video is slightly graphic—no more than a typical action movie—but the video demonstrates the run, hide, or fight model in action. Second, FEMA has an interactive web based course on active shooters. The course also has a final exam, which may be helpful for credit unions that are interested in have a self-paced active shooter training program. FEMA’s course is one hour long, but is very helpful for credit unions who wish to offer this type of training to their employees at no cost.
Another article that is worth reading is the Flood Insurance Requirements Expanded for Lenders and Servicers. While NAFCU’s Victoria Daka published a detailed article on the new flood insurance requirements in the September Compliance Monitor, the NCUA article provides a high-level summary of the major changes to the flood rule.
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