FinCEN Extends Money Laundering Rules to Non-Federally Insured Credit Unions
FinCEN has released a final rule requiring banks and credit unions that are not regulated by the federal government to comply with Anti-Money Laundering regulations, reports David Baumann of the Washington CU Daily.
Things to Consider When Switching Form Vendors
There are a number of reasons a credit union might look to make a switch when it comes to their form vendor, but what should they consider before taking the plunge? Nick Hawkins has a few ideas.
Using Audits as Assets
Audits don’t have to be scary, nor do they have to be without rewards. Chief Financial Officer Bob Frizzle shows you how to get the most out of your audits and turn the inconvenience into an asset.
The Key to Internal Fraud Controls? Get Back to the Basics
Due to recent high profile embezzlement cases, Jim Vilker argues that what the industry really needs is to slow down, check all the boxes, and get back to the basics of internal auditing.
Managing Regulatory Ramifications in Today’s Environment
With COVID-19 altering the country every day, credit unions are being required to make significant decisions and changes with little notice. Jim Vilker lends some guidance on how to prepare your credit union for any eventual justification that may be required once things return to the norm.
Why Fraud Happens
Employee fraud is unfortunately all too common in the credit union industry. But why does it happen? Auditing and compliance expert Marvin Johnson gives some background on the psychology of fraud so we can better prevent it.
NCUA Approves Bloated Budget Without Adjustments for Industry Complaints
Is the NCUA’s comment period just a dog and pony show? Vic Pantea might think so. He recaps the NCUA’s December board meeting and the approval of a budget that didn’t factor in complaints from the industry.
Why Do Today’s Credit Union Thought Leadership Topics Create Doubt About the Future?
Are today’s credit union thought leaders helping or hurting the industry they hope to inspire? Randy Karnes addresses the risk of piling on expectations and best practices on credit unions, and the anxiety it might be creating.
Internal Controls 101 – Protecting Your Credit Union
With the prominent case of the embezzlement of $40 million at CBS Employees Credit Union still in the news, AuditLink’s Jim Vilker gets back to the basics of how credit unions can prevent this from happening at their own institutions. Welcome to Internal Controls 101!
Clear Your Mind and Your Risk Assessments Will Follow
Risk management isn’t as easy as buying a solution. In this CUSO Magazine exclusive, Jim Vilker and Patrick Sickels detail the three steps needed to set up an effective risk management system at your credit union.
