NAFCU Compliance Blog

Check Out NAFCU's Other Blog - Musings from the CU Suite

Written by Steve Van Beek

It's been a while since I kissed up to Anthony mentioned Anthony's outstanding credit union management/leadership blog.  So, I thought a Friday post would be a great time to link to some of the best blog posts - in my opinion - that Anthony has penned over the past few months.    

• November 27th:  The 8 "Must Haves" of Leadership

• October 30th:  Presentations...First Things First

• September 25th:  Benjamin Franklin, Habits, and Email

• September 18th:  Fish or Cut Bait

As I was going through these, I ran across Anthony's own Top 10 blog post list that I needed to share as well:

• August 30th:  My Top "10" List

That list includes a very appropriate blog post for this crowd as well:  7 Compliance Rules for Non-Compliance Managers.  And, Anthony's very first post - Decision Fatigue - is very relevant today as we all face increasing workloads due to complex regulatory changes.  

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If you like those posts, consider signing up for the blog feed (new posts happen each Tuesday and Thursday).  

Have a great weekend everyone!  

Compliance Officer Skills & 7 Compliance Rules for Non-Compliance Managers

Written by Steve Van Beek

Today is Compliance Officer Skills day at NAFCU's Regulatory Compliance School.  We'll be talking about:

• The Role of the Compliance Officer; 
• How to Conduct Research; 
• Dealing with Outside Counsel;
• How to Write Effectively;
• Policies and Procedures Writing; and 
• Vendor Management.

But, not everyone is a compliance officer or has responsibilities in all of these areas.  

Well, Anthony Demangone had an outstanding blog post at the Musings from the CU Suite blog which highlights his "7 Compliance Rules for Non-Compliance Managers."  I couldn't dream of writing as well as Anthony, so I'll just give you the 7 rules plus an 8th added by a commenter and pass you along to Anthony's post.

1. You are regulated.
2. NCUA writes most of this stuff down.
3. NCUA wears two hats.
4. NCUA isn't always right.
5. It's not just regulations.
6. Ask for help.
7. Read.
8. Bonus: Regulations flow from laws (written by Congress - enough said).

If you are interested, anyone can subscribe to the Musings from the CU Suite blog (which is published a couple of times a week).   

Use the Blog as a Resource Tool; Speed Trap

Written by Steve Van Beek

We know a majority of the daily blog readers receive the daily blog postings via email delivery.  However, don't forget about using the blog as a resource tool as well.  We all remember we saw a certain blog post - but can we find it when we need to share with a colleague?  

Here are three quick ways to find past blog postings on particular topics.

• Use the Blog's Search Function.  On the blog's main page, there is a search box in the upper-left corner which allows you to search for specific terms in past blog postings.  One of the drawbacks is the search results are by relevance rather than being listed chronologically.  So, if you are looking for the latest on Richard Cordray at the CFPB you might want to follow one of the other options below.

• View the Blogs Archives.  Each blog post that we do is archived.  The blog archives allow you to pinpoint a particular blog post - if you know the date of the post.  Perhaps you printed out the January 30, 2012 blog post on the Network Exclusivity Requirements from the Durbin Amendment but you want to find the original so that you can access the hyperlinks.  Using the Archives allows you to find blog posts by date which will allow you to find all the January 2012 blog posts.  Also very useful if you were out of the office for a period of time and want to play catch-up.

• Browse Blog Postings by Category.  Each day we attach "tags" or "categories" to our blog posts.  These tags allow you to view blog postings by topic.  You can find our various categories on the right-hand side of the blog's main page (just below the legal disclaimer).  If you are looking for the latest blog posts on the ADA or Remittances, browsing by category is a great starting point.    

For example, today's blog post includes tags of "Research," "Weblogs,""Meta - Blog," and "Married Life."

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It has been over 100 days of marriage for me and my beautiful wife.  We've kept pretty busy but it has been a fun time with new experiences - like "joint" expenses.  I use the term "joint" for reasons described below.

A couple of weeks after the holidays we received an envelope in the mail from:  Metropolitan Police Department, District of Columbia.  The dreaded speeding ticket from DC's "Automated Speed Enforcement."  

There was just one issue: we didn't know who was driving!

While there is some discrepancy as to who is the better driver - my wife, somehow, has a perfect driving record.  I do not.  So I'm sure you could imagine the twinkle in my eye when I thought for a brief second that this was her time.

Unfortunately, it was my time....again.  The timestamp on the photo clearly pinned me as the driver.  My wife's response was immediate:  "And you're paying the ticket too!"  So much for joint expenses.... 

Have a great weekend!

A Couple of Blog Housekeeping Issues

Written by Steve Van Beek

If you like the blog, please consider sharing the blog with your colleagues if you think they would enjoy the blog as well.  They can register by going here and inputting their email address.

Verfication Process.  For those who do subscribe, be sure to look for a verification email.  The daily blog postings will not be delivered until the verification email has been confirmed.  When the verification email is confirmed, the blog postings will begin to be delivered on the next business day.  

Caution:  It seems the verification email gets grabbed in quite a few SPAM filters, so be sure to check your Junk folder or contact your IT team if you don't receive the verification email within an hour of subscribing to the blog postings.  

Unverified.  If you have tried to sign-up for the blog postings and you haven't received the postings each day, I'd encourage you to attempt the subscription process again and be sure to verify the confirmation email.  Similarly, if you have a colleague that has indicated they tried to sign-up and isn't receiving the daily blog postings - please considering forwarding this post on to them so they can subscribe again.   

Open to Everyone.  The blog is open to everyone so you can be assured that we are not screening who receives the blog postings each day.  Anyone can subscribe and we are very thankful to have a diverse group of dedicated blog readers.  

Questions or Concerns.  If you have any questions, please let us know.  You can email us at [email protected] and we'll do our best to help you out.  Unfortunately, we cannot add you to the email subscription list.  The email subscription is a voluntary opt-in process (no E-SIGN consent required - sorry, I couldn't resist the lame compliance joke).       

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Legal Disclaimer.  I also wanted to take a minute to reiterate the blog's legal disclaimer.  The disclaimer is located on the main blog page itself but since a lot of readers receive the blog posts directly via email, here is the disclaimer:

This website is intended to provide general compliance information in regard to the subject(s) covered. It is provided with the intent and understanding that the publisher is not engaged in the act of rendering legal, accounting or any other professional advice. The information provided in this website is not intended nor should be used as a substitute for legal advice or other expert opinions and services in specific situations. NAFCU is not responsible for the content of comments and reserves the right to delete or block comments that it finds inappropriate.

We'll be back with normal blogging tomorrow, have a great Monday!

Social Media - Risk Managment; Fixed Asset Rule

Posted by Steve Van Beek

One of the reoccurring topics on this blog has been risk management, including managing risks associated with your credit union's growth in social media markets (blogs, twitter, facebook, etc.).  The Compliance Guy has brought up this issue in this July 2008 post and this November 2008 post.

This recent article in the ABA's Banking Journal does a wonderful job of pointing out the compliance concerns related to navigating the social media waters.  The article makes a great point - the avenues of reaching out to your members might be new and unique but you must still comply with laws and regulations written before the evolution of these new products.  Along those lines, the article contains a link "Six new-media compliance tips" that might be useful.   

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NCUA recently finalized a rule amending its Regulatory Flexibility Program, Part 742, with regard to NCUA's fixed asset rule.  The amendment allows RegFlex FCUs up to six years to partially occupy unimproved property it has acquired without a waiver (the previous rule had allowed three years without a wavier).  NAFCU's Final Regulation summarizing the changes is here.  (Member log-in required).  The effective date is April 27, 2009.