Full of BSA
This team handles all CTRs and SARs for the Credit Union.
The Bank Secrecy Act team (BSA)
What does the CUCE designation stand for?
Credit Union Compliance Expert
This officer of the Credit Union completes analysis of lending data to ensure that lending is done in a way that is NOT discriminatory against protected classes.
The Fair Lending Officer
This audit is completed yearly using Wespay and reviews this kind of electronic funds transfer method.
The ACH audit
This needs to be filled out when cash transactions exceed $10,000/day.
What is Currency Transaction Report (CTR)?
This program gives customers a cushion of funds and allows them to potentially spend more than the balance in their account (for a fee)?
What is Overdraft (OD) Protection Program?
Act or regulation bans discrimination based on prohibited basis (race, color, religion, marital status, etc.) in all types of lending.
What is ECOA or Regulation B?
This product traditionally offers a higher interest rate than a savings account and has an established maturity date?
What is a Certificate of Deposit (CD)?
This platform allows the Credit Union to monitor member transactions and suspicious activity.
Verafin
Board of Directors must approve this as a foundation for the banks anti-money laundering program. It requires the Bank to certify the identification of each of its customers.
What is CIP, Customer Identification Program?
Act or regulation is specific to consumer-purpose lending and requires the use of standardized forms and loan terms so that consumers receive consistent information to help them shop for the right loan?
What is TILA or Regulation Z?
This is the status of a checking account that does not have enough money to cover transactions?
What is Non-Sufficient funds (NSF)?
This was signed into law by President George W. Bush following the attacks on the World Trade Centers to help the government fight the funding of terrorism and money laundering activities.
What is the USA Patriot Act?
Act that prohibits the Credit Union from engaging in certain practices that have the potential to cause consumer harm.
What is UDAP (UDAAP) or Unfair or Deception (or Abusive) Acts or Practices?
Act requires the Credit Union to inform a consumer (in writing) each time the Bank uses a consumer credit report in our underwriting decision?
What is Fair Credit Reporting Act?
This requires that two people complete a specific procedure in order to mitigate risk.
What is dual control?
This regulation requires the credit union to ask questions on owners of entities.
What is Customer Due Diligence (CDD)/Beneficial Owner?
Act that does not apply to Credit Unions but is focused on Low-to-Moderate income persons and areas and encourages Banks to lend, invest, and volunteer in the communities in which they are located.
What is CRA, the Community Reinvestment Act?
This Regulation limits how much insiders can borrow and sets rules that they cannon receive preferential treatment.
What is Reg O (Insider Lending)?
This regulation helps provide protection for consumers engaging in electronic fund transfers.
What is Regulation E?