Maintaining Member's Privacy/Social Media/UDAAP
What is the Privacy Policy?
A last means of protecting credit union assets
Regulation requires federally insured credit union to establish and maintain appropriate safeguards to protect the financial systems from threats to national security
What is Bank Secrecy Act (BSA)?
Legal procedure used by members having financial difficulties to remove obligation of paying
What is Bankruptcy?
Applies to the conduct of Third-Party Debt Collectors
What is Fair Debt Collections Practice Act (FDCPA)?
Forums, Blogs, Podcasts, Social Networks, Dating Sites, Image Sharing, E-Books and Online Magazines, Enhanced movie experiences, etc...
What is Social Media?
Member drops off vehicle and turns in keys
What is voluntary repo?
Report filings of cash transactions of more than $10,000
What is Currency Transaction Report (CTR)?
Person whose financial affairs are being taken cared of
Who is the Debtor?
Threatening to take an action the collector does not intend to take
What is prohibited by FDCPA?
The Marketing Department is responsible for the proper and timely handling of Facebook and Instagram
What Social Media Platforms the CU maintains a presence on?
Establish guidelines for foreclosure of and recordkeeping for real property
What is the credit union's Foreclosure Policy?
Name, SSN/EIN/ITIN, Identification, phone number, email, address, occupation, and date of birth
What are the information needed for the conductor of the transaction?
Member has no further legal obligation to repay
What is a Discharge Bankruptcy?
Debt incurred by a member primarily for personal, family or household purposes. It does not apply to corporate debt or debt owed for business or agricultural purposes
What types of debt collections does FDCPA applies to?
Key roles such as monitoring public and member feedbacks, detecting and taking corrective actions, and identifying the need for training or changes to policies, procedures, or practices
What is consumer complaints?
No contact, no payments, loan falls 35 days past due, and no response within 10 days of final demand
What is an assignment for repossession?
Filed whenever there is an activity related to financial crime greater than $5,000 (known suspect) or greater than $25,000 (unknown suspect), bad activites reporting that helps law enforcements
What is a Suspicious Activity Report (SAR)?
Bankruptcy court order terminating the bankruptcy
What is a Dismissal?
Any person who regularly collects, or attempts to collect consumer debts for another person or institution or uses some name other than its own when collecting consumers debts
Who by law is defined as a Debt Collector?
Protect CU offices, ensure security/confidentiality of members records, respond to data breaches, process for identifying criminals, and prevent destructions of vital records
What is the Information Security Program?
Loan modifications, deferral of payments, extensions of loan maturities or any combination
What are the credit union's prudent loss mitigation strategies?
The act that requires credit unions to take extra security precautions to help the government fight the funding of terrorism and money laundering (CIP/MIP, CDD/EDD, and Beneficial Ownership)
What is the USA Patriot Act?
Agreement filed with the court prior to discharge
What is a reaffirmation agreement?
Prohibits all creditors from engaging in unfair or deceptive creditor collection practices
What is Federal Trade Commission (FTC)?