NCUA priorities take credit unions back to the basics

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Jeremy Smith As Director of Client Partnerships, Jeremy provides regulatory compliance guidance and training on current laws and regulations to credit union professionals. Before coming to PolicyWorks, Jeremy worked in regulatory compliance … Web: www.policyworksllc.com Details What do you do when there’s a lull in action? You get back to the basics. That’s precisely what it appears the NCUA is recommending credit unions do with the welcome break in the rollout of new regulations.Taken as a group, the NCUA’s 2020 supervisory priorities emphasize policies and procedures that have been in existence (or should have been) for many years. Now is the time, regulators seem to be suggesting, to turn our attention to the core of compliance and ensure the proper controls are in place and working.While it may sound basic, reevaluating foundational policies and procedures is really important work and a worthwhile endeavor. It’s not hard to imagine some of the more elemental controls being neglected during the chaos of past years’ active regulatory landscape. What’s more, credit unions are quickly evolving to meet the changing demands of a digital consumer. Along with that evolution has come the addition of new products, channels and experiences, each of which must adhere to established regulations. Rules can easily be overlooked in the race to transform.As your credit union charts its course for compliance this year, it will be smart to follow the NCUA’s published guidance by reassessing the basics. Here are a few simple, tactical approaches you might consider including in your 2020 core compliance revaluation plan:BSA / AML: Check in on your SAR filing policy, procedure, and importantly, training. Does your frontline team have a good understanding of when and how to file a SAR? This is elemental, but important, especially in this era of heightened threat to credit union’s cybersecurity. Any attempt to seek unauthorized access to electronic systems, services, resources or information to conduct unauthorized transactions should trigger a SAR filing.Consumer Financial Protection: New this year, the NCUA addressed six specific consumer protection regulations they expect credit unions to review thoroughly. Because examiners are making a greater effort to commend credit unions that are actively monitoring their compliance, it may make sense to invest in a tool to help document your efforts to stay on top of compliance – in the six areas NCUA called out – and beyond.Credit Risk: Examiners will place an emphasis on the review of a credit union’s loan underwriting standards and procedures. Now is a great time to review your underwriting standards to ensure they are up to snuff. You may want to make sure you are making decisions about the member’s ability to repay, and not relying too heavily on the value of collateral.Current Expected Credit Losses: There is still time, thanks to the Financial Accounting Standards Board’s extension, to implement the new CECL standard. However, examiners may want to see a written plan for that implantation. If such a document is not in existence, it may be a good idea to get together with leadership and hammer that out on paper.Cybersecurity: The NCUA has tailored its cybersecurity exam tool for smaller credit unions, which means examiners are likely ready to put it into practice. To ensure you’re ready for a cybersecurity assessment, Consider completing a self-assessment before the examiners arrive. The NCUA has provided numerous tools to help get you started.LIBOR Cessation Planning: Because the LIBOR reference rate is on its way out, credit unions that offer LIBOR-based products may be facing sizable disruption and risk over the next two years. It will be important to scope out the impact of this change. Examiners will assess how prepared you are to deal with it. After developing the scope, put together a game plan for how you will mitigate your risk as you transition to a new method of rate setting.Liquidity Risk: A series of macro trends, not the least of which is increased competition for deposits, is increasing examiner attention to a credit union’s liquidity. Get ahead of the game by performing a self-assessment prior to your exam. The NCUA examiner’s guide can prepare you for what they will be looking at when it comes time.Following several action-packed years of major changes, credit unions are free – at least for the moment – to focus their energy on the fundamentals of regulatory compliance. As you put in the time to recheck core controls, be sure to document everything you find, even the slip ups and missteps. As long as you are also documenting your plan to repair the error, you’ll be in good shape. Examiners seem to be increasingly interested in conducting assessments as part of a learning process – on both sides of the table. Things are changing rapidly in financial services, and examiners appear to appreciate learning just as much as they do teaching.last_img read more

Cowardly politicians letting children die

first_imgCategories: Letters to the Editor, Opinion Once again, we’ve had another mass shooting in a school and 17 more children and teachers are dead. So what are our lawmakers doing to stop these killings?Well, the gutless Republican-controlled Congress tells us that this isn’t the time to talk about gun control and that we should pray. Our heartless president tells us that this is a mental health issue. The greedy NRA wants to sell more guns by arming our teachers with pistols so they can protect children against assault rifle-wielding attackers. Brilliant. All of these people are true cowards.The courageous Americans are those families whose children were killed in Parkland. Those courageous parents will have to go into their lost child’s bedroom and pick out the clothing that they will dress their child in for his or her funeral.   Instead of a moment of prayer, let’s have our lawmakers close their eyes for two minutes and picture having to perform that task for one of their own children or grandchildren.Do you think that will help motivate them to take action? I doubt it. Politicians like Elise Stefanik and John Faso are so busy pocketing NRA campaign contributions that they can’t even find the courage to ban bump stocks.The school killings that happened in Parkland, Fla., can happen in Saratoga, Niskayuna, Schenectady or any other school in this country. How can we continue to stand by and watch our children die?Susan KarandyRobert KarandyBurnt HillsMore from The Daily Gazette:EDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Urgent: Today is the last day to complete the censusEDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Beware of voter intimidationFoss: Should main downtown branch of the Schenectady County Public Library reopen?last_img read more

Seahawks monitoring Antonio Brown, ‘open’ to Josh Gordon return

first_imgGordon was banned indefinitely in December for violations of the NFL’s policies on performance-enhancing substances and substances of abuse.A Pro Bowler, Gordon – who would become an unrestricted free agent if and when he is reinstated – made five appearances for the Seahawks last season after he was released by the Patriots in November.”It’s not in our hands,” Carroll said. “Josh did a really good job with us last year. He fit in really well. He was part of this team by the way we opened and embraced his coming to us but also by the way he adapted. So we are very open to that thought and we’ll see what happens. I don’t know. I can’t tell you what’s going to happen on that.” Seahawks coach Pete Carroll said Seattle is monitoring Antonio Brown as they weigh up a move for the seven-time Pro Bowler.The free agent receiver will serve an eight-game suspension after breaching the NFL’s personal conduct policy following a January incident in Florida. The 32-year-old wide receiver is looking for a new home after being cut by the Patriots, who axed Brown after just 11 days and one game in September. Seattle has emerged as a possible destination and Carroll addressed the Seahawks’ rumoured interest in Brown on Monday.”What I’d say to you is what we always say because it’s what we always do and who we are,” Carroll said. “[General manager] John [Schneider] is competing at every turn. There’s never been a process, unless we just missed it, that we weren’t involved with to understand what the chances were of helping our club. He’s all over it. He understands what’s going on right now, as much as you can. It’s a very complex situation. We just need to see where it fits somewhere down the road. That’s all I got for you.”MORE: Antonio Brown promises ‘best season of my career’MORE: Why is Antonio Brown suspended?Having entered the league with the Steelers in 2010, Brown has amassed 11,263 receiving yards and caught 75 touchdowns in his career.Carroll, meanwhile, said the Seahawks are “very open” to reuniting with star wide receiver Josh Gordon.last_img read more