regulatory and compliance issues and considerations

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http://www.ncua.gov/reg_alerts/2007/07-RA-05.pdf http://www.ncua.gov/reg_alerts/2007/07-RA-09.pdf Also Review the Following if the matter involves “Mortgage Fraud:” http://www.ncua.gov/letters/2008/CU/08-CU- 10FinCEN%20Mortgage%20Report%20040408%20LCU.pdf http://www.ncua.gov/letters/2008/CU/08-CU-12.pdf Question: What are the rules for reporting SAR filings to the Board of Directors? Answer: Each federal regulator has its own specific rule on reporting SAR filings to a financial institution's board (or designated committee). You should review the regulatory provision that applies to your institution. The citations are: • OCC: 12 CFR 21.11(h) • FRB: 12 CFR 208.62(h) • FDIC: 12 CFR 353.3(f) • OTS: 12 CFR 563.180(d)(9) • NCUA: 12 CFR 748.1(c)(4) Perhaps of more value is this excerpt from page 68 of the 2007 FFIEC BSA/AML Examination Manual: Notifying Board of Directors of SAR Filings Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved. Revised February 2010 34
(5) Confidentiality of reports. SARs are confidential. Any credit union, including its officials, employees, and agents, subpoenaed or otherwise requested to disclose a SAR or the information in a SAR must decline to produce the SAR or to provide any information that would disclose that a SAR was prepared or filed, citing this part, applicable law, for example, 31 U.S.C. 5318(g), or both, and notify NCUA of the request. A credit union must make the filed report and all supporting documentation available to appropriate law enforcement authorities and its regulatory supervisory authority upon request. RTS Note on Appropriate Law Enforcement Agencies Credit Unions are now required to disclose documentation supporting the filing of a Suspicious Activity Report to “appropriate law enforcement agencies” upon request. (The Banking regulators have defined this further as “federal, state or local law enforcement agencies and I feel relatively safe in following this lead). The regulation does not go further to provide Credit Unions with a free hand to share a SAR, or the information contained therein, with law enforcement agency absent such a request. As a general rule of thumb, an “appropriate law enforcement agency” is any agency that has jurisdiction under federal or state law to investigate or prosecute any person or entity involved in the transaction reported on the Suspicious Activity Report. If you have questions on a case by case basis, consult with your legal or compliance adviser. NOTE: Various OCC and OTS Advisory Letters (See for Example OCC AL 2001-4) indicate that a Credit Union is to file the SAR and report certain crimes to law enforcement. Reporting and Copyright©1994-2010 by Credit Union Resources & Educational Services, LLC. All rights reserved. Revised February 2010 35
Page 1 and 2: Compliance Update - I REGULATORY AN
Page 3 and 4: Introductory Notes: Basic Obligatio
Page 5 and 6: performed by boards of directors. T
Page 7 and 8: What if an applicant “volunteers
Page 9 and 10: Please answer the following questio
Page 11 and 12: MULTIPLE ISSUES AND RESOURCES - SOM
Page 13 and 14: • Review of the negative shares r
Page 15 and 16: illustrates how certain provisions
Page 17 and 18: SAMPLE CREDIT UNION BUSINESS PLAN M
Page 19 and 20: EMPLOYMENT AGREEMENT Revise to addr
Page 21 and 22: 13. Evaluate the job performance of
Page 23 and 24: 2. By Employer For No Cause. Employ
Page 25 and 26: Vendor Due Diligence II Security As
Page 27 and 28: Vendor Due Diligence VII TERM AND T
Page 29 and 30: Vendor Due Diligence XII Backgroun
Page 31 and 32: Monitoring the Vendor At a minimum,
Page 33: NOTE: The BSA also contains a “wh
Page 37 and 38: PRIVACY - INFORMATION SECURITY Priv
Page 39 and 40: Disposal of Consumer Reports and Ot
Page 41 and 42: Compliance Update - II REGULATORY A
Page 43 and 44: Introductory Notes: Knowing if you
Page 45 and 46: I. POLICY AND GUIDELINES Portions O
Page 47 and 48: any CUSO. [Gifts may not be accepte
Page 49 and 50: Conference and Seminar Costs Fees f
Page 51 and 52: We have stated that there must be a
Page 53 and 54: IV. POLICY REGARDING CONFLICTS OF I
Page 55 and 56: public, even though, such relatives
Page 57 and 58: and other relatives who live in the
Page 59 and 60: protection, and the reimbursement o
Page 61 and 62: Legal / Compliance Consultation Not
Page 63 and 64: MERGER AND CONSOLIDATIONS ISSUES NO
Page 65 and 66: information of which unauthorized d
Page 67 and 68: A Review of ‘Red Flags’ and wha
Page 69 and 70: Business Depositors: Understanding
Page 71 and 72: WHAT POLICIES, PROCEDURES AND RISK
Page 73 and 74: 16. Conflict of Interest/Code of Et
Page 75 and 76: Union Assessment 33. Identity Theft
Page 77 and 78: Procedures 60. Training Policy See
Page 79 and 80: Also - consider the other changes c
Page 81 and 82: policies, procedures and documents
Page 83 and 84: Underwriting Advertising In July 20
Page 85 and 86:
135-2009 Community Notice // OE/CE
Page 87 and 88:
Credit Union’s lien right are not
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