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Webinar: Does Your Overdraft Strategy Have the Right Perspective?
Hosted by: Accounting & Finance Council
Date: Tuesday, Sept. 17, 2019
Time: 2:00 p.m. - 3:00 p.m. CDT
After five consecutive years of year-over-year increases, credit unions experienced a drop in overdraft revenue for the first quarter of 2019. As regulators review the rules governing overdraft services, and next generation technologies provide new tools for improving program management, is it time to take a look at your overdraft philosophy and strategies to make sure you’re getting optimal results?
This webinar will provide advice on how to implement the best overdraft service practices, resulting in a reliable revenue stream, compliance peace of mind for your credit union, and increased financial security for your members.
This webinar provides attendees with:
Cheryl Lawson, executive vice president–compliance, serves as JMFA’s principal compliance liaison for regulatory requirements of overdraft services, including consumer protection issues and strategies that enhance safety and soundness. She has more than 30 years of experience in information technology and financial operations, as well as consulting, communications, training, and project management. Lawson is a sought-after authority among industry groups for compliance issues related to overdraft programs.
For questions about this webinar or the council program, please contact Cristina Martinez, CU Relations Administrative Assistant at (800) 442-5762, ext. 6403 or email@example.com.
Core System Data Purge
Good Morning All!
We need to find some “authoritative guidance” or best practice as far as what data can be purged from the core system prior to conversion or, in other words, what data must be retained on the core (and for how long) and also what data is required to be available to members through the online banking program, etc.
Our IT Department wants to purge data that is not required to be maintained on the core system (either due to the type of data or the age of the data) before conversion since we get charged for the amount of data converted and also because it will make pre-conversion data cleanup easier.
Where can I find legal or regulatory guidance or best practice for requirements for data that must be retained on the core system?
We do have the record retention manual and corresponding policy, but I am looking for guidance specifically as to what must be maintained on the core for accessibility and for member access through online banking, etc.
Any thoughts or suggestions would be greatly appreciated.
No Changes Needed to Parking Spaces for Texas Credit Unions Until Mid-Year 2020
Yesterday we received another update from the Texas Department of
Licensing and Regulation regarding HB 3163 requiring updates to ADA compliant
parking spaces. In short, no changes
need to be made at this time. The anticipated compliance date for updating signs
isn’t until mid-year 2020. Below is an excerpt from the communication we
“On September 1, 2019, the Texas Department of
Licensing and Regulation (Department) will start drafting a rule implementing House
Bill 3163, regarding markings and signs for accessible
parking spaces. The Department may present the draft rule to the Elimination of
Architectural Barriers Advisory Committee (Committee) at their November 2019
meeting. If the Committee approves publication of the proposed rule, the
Department will publish the rule in the Texas Register for comments. The
Department may present the proposed rule to the Committee after publication and
before consideration by the Commission of Licensing and Regulation. Only
after publication, comments, consideration of any action needed on comments,
and adoption will the rule become effective. We anticipate that the rule will
become effective mid-2020.
NO CHANGES TO SIGNS OR PARKING SPACE IDENTIFICATION ARE REQUIRED BEFORE
THE RULE IS ADOPTED.”
To clarify, the effective date of the
bill is 9/1/19, but that merely signifies the deadline for the agency to begin
the rulemaking process. Credit Unions do
NOT need to make any changes by the September 1, 2019 effective date of the
bill. The anticipated compliance date is
mid-year 2020. We will keep you updated
as the rulemaking process progresses.
Please contact Suzanne Yashewski, Regulatory
Compliance Counsel, Cornerstone Credit Union League with any questions you may
have at firstname.lastname@example.org.
CECL: Resources for Small Credit Unions
The Utah Credit Union League has generously offered to share their CECL resources designed to for small credit unions. These resources can be found on the following page: https://www.utahscreditunions.org/resources/123/
A brief description follows:
NCUA has indicated that smaller, less complex credit unions should be able to perform their own CECL calculations (that is, they won't have to pay a vendor for the service), and that their method for doing so can be less complex than a larger credit union with more varied and complicated products and services.
The Association attended numerous webinars, read many white papers, and reverse engineered three methodologies for meeting the requirements of CECL. To help you learn the process, we've developed a number of resources:
While it will likely take some work for a credit union to get this system set up, we believe that it's completely doable by a credit union that can get the right data, and has the patience and spread-sheet know-how. Once the system and spreadsheets are set up, it should take relatively minimal effort on an ongoing basis.
CFPB: TRID FAQs regarding providing Loan Estimates to consumers
The Bureau has posted frequently asked questions on providing Loan Estimates to consumers. The frequently asked questions are available on the Bureau’s website.