Losses from check fraud continue to cause losses in the credit union industry. The most effective loss control against fraudulent deposit losses is the check hold. The changing check fraud environment has forced credit unions to reevaluate their check hold policies. At the Reg CC telecourse on February 14 (Session Code: 423), learn how to use Federal Reserve Regulation CC to protect your credit union from check fraud losses. This session will also address check return rights for items that are returned unpaid to the credit union. This session will include a thorough discussion on the following:
- Funds availability schedules for next-day checks and local checks;
- Exception (safeguard) holds;
- Holds on ATM deposits;
- Disclosure requirements;
- Remotely created checks; and
- Check return rights including an overview of Uniform Commercial Code 3-302 (midnight deadline rule).
Old paper forms for Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) are going away, replaced by the new format which will only be available online. All credit unions (unless granted an exemption by FinCEN) now need to file Bank Secrecy Act (BSA) reports electronically. By this spring, the new formats will be required and the old (legacy) forms will be retired. But the new formats are already available on FinCEN’s e-filing system, so credit unions should be preparing to use them long before the mandatory deadline. If you batch file or rely on your data processing system to help populate the forms for filing electronically, there are significant changes your processor must be working on right now in order to meet the spring deadline. At the CTRs/SARs QuickBites on February 20 (Session Code: 424), learn what you need to know to be prepared down the line. In this session we will discuss:
- Why the electronic filing deadline for CTRs will revert back to 15 calendar days;
- Which portions of the new formats are required fields (and which are not);
- What new fields may require new information to be obtained (and likely involve updating your staff training);
- How the SAR categories have been greatly expanded (again involving staff training); and
- Where to go to practice using the new formats.
Credit unions have been operating in a world where growth has been redefined. Recognizing changes and opportunities within your market is definitely fundamental if you hope to rebuild profitability and achieve a competitive advantage. But what does growth look like now? For some, growth will be organic — deepening relationships with current members. For others, greater growth and profitability will come through expansion — much of which has been happening through increased merger and acquisition activity. The Safe to Grow Again in 2013 QuickBites on February 26 (Session Code: 427), a fast-paced session, will introduce the audience to six areas of opportunity for credit unions in 2013. While the level of opportunity will vary from one credit union to the next, this session will have you thinking differently about growth and the current state of the industry — and the opportunities that may be available in your own markets.
The Bank Secrecy Act is far more than a reporting regulation and reaches into every department of the credit union. Determine if you are a hero - helping the United States to combat terrorism, or a pawn – falling victim to the devious plots of terrorists and lawbreakers. The BSA - Are you a "Hero" or a "Pawn?" webinar on February 26 (Session Code: 429) will provide a perspective on BSA that is often overlooked and celebrate the hero in every credit union employee.
At the Cloud Computing: Understanding What's Coming QuickBites on February 28(Session Code: 428), let Aaron Donaldson, a Principal in McGladrey LLP’s National Technology and Risk Advisory Services, take you on a tour of what is happening in cloud computing now, as well as what to expect in the future. He will cut through the noise in today’s marketplace about cloud computing so as to get to the core concepts your credit union IT or Risk Management specialist needs to know.. He will then provide some explanation as to what are the benefits one can expect to enjoy from cloud computing, as well as real world pitfalls. Lastly, he will provide a meaningful framework for cloud computing that your credit union can begin to build on today.
Looking ahead to next month, the Kids Stuff: Minor Accounts QuickBites on March 5(Session Code: 438) will be focusing on some of the issues related to minors’ accounts. Know what policies you have in place at your credit union regarding these accounts, and then listen in on this one-hour telephone session that includes the following topics:
- Kids and account agreements;
- Credit union policies;
- Account options offered; and
- Signature issues
Bank Secrecy Act training is available on demand! The Bank Secrecy Act requires that all frontline personnel be trained on money laundering and the responsibilities of the financial institutions on currency reporting and suspicious activity every year. See the ICUL education calendar for the schedule of BSA on demand training and all QuickBites and Telecourses.
Also available on demand: Financial Exploitation of the Elderly. Elder abuse training – regarding financial exploitation of the elderly -- is now required for employees and officers with direct customer contact. Examiners are collecting information about your credit union’s training on this subject, as IDFPR is required to report training data on a bi-annual basis. This QuickBite will meet the training requirements and will cover:
- Illinois statutory protections;
Recognizing the indicators of financial exploitation;
Some of the common perpetrators of financial exploitation;
Financial record confidentiality and exceptions;
Where to report when a confidentiality exception applies;
Suspicious Activity Reports/narratives/confidentiality; and
Training and record-keeping requirements for current employees and new hires.
All credit unions face situations where only they have an opportunity to witness suspected exploitation. Participate in this QuickBite to learn the common indicators and the actions you can take.
Play it again! The audio archive of all QuickBites and telecourses is 60 days with paid registrations for most sessions. Whether you were unavailable for the scheduled date and time of a particular call or just want to hear the session again, you will have 24/7 access for the entire 60 days after the scheduled session. This feature enhances the value of audio training and is included for no additional charge. The audio archive link will be activated within 48 hours of the live event.
For a complete calendar of all Educational offerings, please click here.