June 2017 Regulatory Recap

June’s recap is available at:  https://complianceservicesgroup.com/wp-content/uploads/2017/07/LEGISLATIVE-UPDATE-June-2017.docx. Passwords to access the blog posts, and blog posts are only for NWCG owners and retained clients. These should not be shared outside of the credit union. Blog posts generally contain only a summary of any requirements, and do not represent all potential impact on the credit unions. For further details on any blog … Read More

Update to Cybersecurity Assessment Tool

The FFIEC released an update the the Cybersecurity Assessment Tool.  This update to the Assessment addresses changes to the FFIEC IT Examination Handbook by providing a revised mapping in Appendix A to the updated Information Security and Management booklets. The updated Assessment will also provide additional response options, allowing financial institution management to include supplementary or complementary behaviors, practices and … Read More

Want to Share?

We have a member credit union looking for a Vendor Management Policy. If you have one that you are willing to share, please email it to jmckinney@nwcompliance.org Passwords to access the blog posts, and blog posts are only for NWCG owners and retained clients. These should not be shared outside of the credit union. Blog posts generally contain only a … Read More

External Transfers (ACH) Survey

An owner credit union has asked the following questions regarding external transfers (ACH) to their members via online banking.  If you are able to help them out, your response would be appreciated.  Your response will not be shared publicly, but may be shared with other NWCG clients and owners. Are the transfers pre-funded or post-funded? Do you allow both credit … Read More

E-Notaries Coming to Washington

Washington State passed Substitute Senate Bill 5081, dealing with notarial acts.  The bill adopts (mostly) the Revised Uniform Law on Notarial Acts (RULONA).  Included in the bill is a provision for electronic notaries.  The effective date of the changes is July 1, 2018. A few a areas of the Bill that may impact credit union operations: Sections 15 & 21 … Read More

WA DCU Bulletin B-17-12 WannaCry Ransomware Exploit

The DCU released bulletin B-17-12 regarding the recent WannaCry Ransomware. WannaCry Ransomware Exploit As you probably are aware, a widespread ransomware campaign is affecting various organizations with reports of a large number of infections in many countries, including the United States. Currently, the latest version of this ransomware variant is recognized as WannaCry, WCry, or Wanna Decryptor. Per the United … Read More

April Legislative Recap

April’s legislative recap is now available. Please let us know if you have any questions.  

CECL Resources

From NAFCU (http://www.nafcu.org/News/2017_News/April/NAFCU-sponsored_CECL_study_gives_CUs_guidance/?utm_source=NAFCU+Today&utm_medium=Email&utm_campaign=daily+news&_zs=n9tFa1&_zl=tvNn3) A newly released, NAFCU-sponsored study outlines some of the key qualities and trade-offs for a variety of models for implementation of the Financial Accounting Standards Board’s current expected credit loss accounting standard, which starts taking effect for credit unions in fiscal years beginning after Dec. 15, 2020. Accessing the study requires you to provide your contact information, … Read More

ACH Operations Bulletin #2-2017: Same Day ACH and Debit Processing

From NACHA (https://www.nacha.org/news/ach-operations-bulletin-2-2017-same-day-ach-and-debit-processing) POSTED APRIL 11, 2017 EXECUTIVE SUMMARY ACH debits become eligible for same-day settlement with the implementation of Same Day ACH Phase 2 on Sept. 15, 2017. This ACH Operations Bulletin provides information to Originating and Receiving Depository Financial Institutions, Originators, Third-Party Senders, and software and processing vendors on important aspects of ACH debit processing in a same-day … Read More

NCUA SL 17-01 Updated Compliance Risk Indicators

On March 29, 2017, NCUA released a supervisory letter in a Letter to Credit Unions (17-CU-02) that provides an updated list of Compliance Risk Indicators. The updated list builds upon the previous guidance issued in a 2002 Letter to Credit Unions. NCUA notes that the “updated list of indicators does not impose any new or higher supervisory expectations to credit unions.” … Read More