Bank Secrecy Act (BSA)
Financial institutions generally file this report when a member conducts more than $10,000 in reportable cash transactions during a single business day.
What is a Currency Transaction Report (CTR)?
This U.S. Treasury agency administers and enforces economic and trade sanctions against targeted countries, individuals, and organizations.
What is the Office of Foreign Assets Control (OFAC)?
A credit union advertises a checking account as "completely free" but fails to disclose a mandatory monthly service fee. This is an example of this type of UDAAP violation
What is a deceptive practice?
A member expresses dissatisfaction with a credit union product, service, employee, or experience. This expression of dissatisfaction is generally classified as this.
What is a complaint?
This BSA requirement generally requires a financial institution to obtain and verify identifying information about a customer when establishing a new account.
What is the Customer Identification Program (CIP)?
This OFAC-maintained list identifies individuals, companies, and organizations whose property and interests in property are generally blocked.
What is the Specially Designated Nationals and Blocked Persons (SDN) List?
Under Regulation B, creditors generally have this many calendar days after receiving a completed application to notify applicants of the credit decision.
What is 30 days?
A member complains about an unexpected overdraft fee. Before responding, the employee should review account records, applicable disclosures, and this governing set of internal requirements.
What are the credit union's policies and procedures?
For credit unions, a Suspicious Activity Report is generally required for a suspicious transaction involving at least this amount when a suspect can be identified.
What is $5,000?
When a credit union identifies property belonging to a blocked person, it generally must take this action rather than return the funds to the member.
What is freezing or blocking the funds?
A mortgage lender deliberately avoids offering loans in neighborhoods because of the race or national origin of their residents. This discriminatory practice is known by this term.
What is redlining?
This process involves reviewing multiple complaints to identify recurring problems, emerging risks, and opportunities to improve products or services.
What is complaint trend analysis?
What are the Five Pillars of BSA Compliance?
OFAC generally requires financial institutions to submit a report within this number of business days after blocking property or rejecting a transaction under applicable sanctions regulations.
What is 10 business days?
This category of UDAAP includes materially interfering with a consumer's understanding of financial product terms or taking unreasonable advantage of certain gaps in consumer understanding or ability to protect their interests.
What is an abusive practice?
Several members report being charged the same fee incorrectly. Rather than simply refunding each member, the credit union investigates the underlying process that caused the errors. This investigation is known as this.
What is root cause analysis?
A criminal uses proceeds from illegal activities to purchase a legitimate business, making the funds appear to be lawful business income. This represents the final stage of money laundering.
What is Integration?
A transaction is prohibited by an OFAC sanctions program, but no blocked person or blockable property is involved. Rather than freezing funds, the credit union generally takes this action.
What is rejecting the transaction?
A credit union denies a loan using an automated underwriting model. Even if the algorithm is complex, Regulation B generally requires the credit union to provide these specific details explaining its decision.
What are specific and accurate reasons for adverse action?
Under NCUA's complaint-handling guidance, this credit union committee generally has oversight responsibility for reviewing and addressing member complaints at federally chartered credit unions.
What is the Supervisory Committee?