Press
Connecticut Credit Unions Focus on Compliance Training
DES MOINES, IA (July 2, 2013) In conjunction with credit union compliance firm PolicyWorks, the Credit Union League of Connecticut is providing compliance training for member credit unions. A dues-based service, the training takes the form of live webinars on critical compliance training for credit union employees concerning federal regulations.
The two-hour webinars are archived and available on the league’s member-only website for access on-demand.
“Not only was it important for us to connect our member credit unions with top-notch compliance resources and knowledge; it was also critical that the information be easy-to-digest and accessible,” said Keith Wiemert, Interim League President and board chair and President/CEO of Seasons FCU. “PolicyWorks has been incredibly flexible in making sure their familiarity with the complex regulations impacting our credit unions is easily transferred to staff of Connecticut credit unions. Many of these folks want to focus on serving their members, yet they understand the importance of keeping informed on those compliance issues most important to their cooperatives.”
The seven webinar topics include:
- Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) for Frontline Staff: Covering the basics of BSA and OFAC, including customer identification programs, suspicious activity reports and currency transaction reports.
- Mortgage Lending Update: Covering mortgage rules related to mortgage servicing, escrows, loan officer compensation, appraisals, HOEPA changes, and the ability to repay/Qualified Mortgages.
- Bank Secrecy Act Update: Covering new BSA and OFAC requirements and steps a credit union must take to comply.
- Introduction to Truth in Lending (TILA)/Regulation Z: An introduction to TILA and Regulation Z, covering definitions, open-end loan disclosure requirements, closed-end loan disclosure requirements, as well as the special requirements for mortgages and credit cards.
- Deposit and Operations Update: Covering the Consumer Financial Protection Bureau’s (CFPB’s) and the NCUA’s current actions, including proposed and final rules related to deposits and operations.
- Consumer Lending Update: Covering consumer lending compliance issues affecting credit cards, auto loans, signature loans, or other consumer lending products, as well as an update on fair lending issues and the Servicemembers Civil Relief Act (SCRA).
- Mortgage Lending Update: Covering the CFPB’s combination of mortgage disclosures, which will require credit unions to create and deliver a new early disclosure as well as a new closing disclosure for certain home secured loans.
About the Credit Union League of Connecticut
Founded in 1935, the Credit Union League of Connecticut advocates and provides services for the nearly 130 credit unions in Connecticut. Through proactive involvement in state and federal legislative and regulatory issues affecting credit unions, and with training and educational sessions on compliance, operations, human resources, and a variety of other areas, the League seeks to assist Connecticut credit unions in their pursuit of safety and soundness as they seek to provide superior service and help improve the financial lives of their members. For more information, visit www.culct.coop.
About PolicyWorks
PolicyWorks is a national leader in credit union compliance solutions, providing services to nearly 600 credit unions. PolicyWorks has the resources, vision and experience necessary to help clients resolve their most challenging compliance issues. For more information, visit www.PolicyWorksLLC.com.