Compliance Watch

Artificial Intelligence (AI) is such a hot topic. Is there anything our credit union should be doing about AI at this time?

With overdraft practices under scrutiny in general, it’s a good time to review your credit union’s program to make sure your processes are well documented and evidenced.

Can our credit union have a policy where we add a set amount to the debts of a loan applicant who does not report any housing expense (e.g., due to still living at home, attending college, etc.)?

Last month, League InfoSight, in collaboration with our League/Association partners, hosted one of the largest credit union fraud seminars this year. This two-day virtual event brought together hundreds of credit union professionals to explore key fraud topics that are currently impacting our industry.

How do I determine if I have a valid OFAC match?

September is National Preparedness Month, and the theme for 2024 is “Start a Conversation.” Discussing preparedness can be difficult because it’s focused on events that may disrupt our lives and cause trauma to those we love. However, having these conversations is vital as they are the foundation on which we build the learning and actions needed to prepare.

Our employees invest a significant amount of time fulfilling various Bank Secrecy Act (BSA) reporting requirements. In an effort to encourage them, is there a resource I can share that shows BSA reporting actually does work?

On July 10, 2024, the Consumer Financial Protection Bureau issued a proposed rule that would make several changes to the mortgage servicing requirements found in Regulation X specific to borrowers experiencing payment difficulties.

Our credit union received a $50 bill that we believe may be counterfeit. What should we do?

Review some league/association-owned resources that we believe are helpful for smaller credit unions to consider.