Risk Management Compliance & Consulting

Compliance consultants are experienced, trusted advisors. Our consultants work with credit unions to develop a comprehensive compliance program or provide support to compliance departments. 

While working at a credit union, compliance specialists provide a variety of services, including but not limited to the following:

• Reviewing and developing policies
• Completing risk assessments, regulatory, and specialty reviews 
• Developing, managing, and maintaining your credit union’s compliance program
• Consulting on compliance concerns 
• Monitoring and analyzing new and revised laws/regulations/regulatory issuances
• Preparing for examiners and remediating examination findings
• Customizable services based on the credit union’s needs

A complete review includes gathering the necessary background information and compiling and documenting compliance policy elements: intent to comply, responsibilities, defining terms, and framing actions in a logical sequence. Policy development or reviews are included in most compliance visits. We collaborate with our credit unions to develop the best solutions specific to each institution. 

Credit union management may designate individual areas to be addressed, including:

• BSA/CIP/OFAC risk assessment (required by regulatory agencies)
• FACTA red flag identity theft risk assessment (required by regulatory agencies)
• SAFE Act Reviews (required by regulatory agencies)
• Remote Deposit Capture risk assessments
• Website reviews
• Fair lending reviews
• Disaster recovery review 
• Other risk assessments, as requested

The Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Office of Foreign Assets Control (OFAC) risk assessment involves assessing the specific risk unique to the credit union within identified categories such as products, services, customers, and geographic locations.

This assessment is required every 12 to 18 months.

Financial institutions and creditors are required to develop and implement written identity theft prevention programs under the "Red Flags Rules." The Red Flags Rules are part of the Fair and Accurate Credit Transactions Act (FACTA) of 2003. Under these Rules, financial institutions and creditors with covered accounts must have identity theft prevention programs in place to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft. Credit Unions must periodically conduct a risk assessment to determine whether it offers or maintains covered accounts.

This review helps ensure compliance with the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act, which requires that all credit union employees who act as mortgage loan originators (MLO) be registered with the National Mortgage Licensing System, and that the credit union designate a program administrator to monitor and ensure compliance with the requirements.

This audit is required annually.

Remote Deposit Capture is an automated deposit transaction delivery system that enables your members to scan items, such as checks, from remote locations and electronically transmit the captured digital data to your credit union for posting and clearing. Per NCUA guidelines, credit unions must perform regular, comprehensive risk assessments on their Remote Deposit Capture services. These assessments are critical to mitigating and controlling your risk.

A comprehensive review of your website’s compliance with consumer regulations. This review is an essential part of your e-commerce strategy.

Fair lending laws are designed to provide fair and equal access to credit, based on individual creditworthiness, without regard to a prohibited basis such as race, gender, or national origin. The fair lending policies and procedures should clearly state how the credit union will comply with fair lending laws and enable the credit union to serve the entire field of membership. A fair lending review can provide a comprehensive assessment of the credit union’s potential for violations in lending, operations, and marketing. 

Whether in anticipation of the next hurricane or tornado or the next wave of an unforeseen pandemic, be ready. Like other critical contingency plans required of an organization, your members expect you to be prepared. A strategic partnership with our experts can help update your existing plans or develop a detailed master plan that will ensure you're ready for whatever comes next. Count on us to give you peace of mind while saving you money, time, and headaches.

• ACH and information technology—ACH processing
• ACH audit and compliance
• ACH policies and procedures
• Business continuity/recovery
• Credit 
• Exception handling 
• General ledger account reconcilement
• Money laundering activity
• User security settings