The Credit Union Compliance Professionals (CUCP) recently had their monthly meeting that covered what to expect in 2016 from NCUA examiner, Brian Smith. Here is what happened during the January 14 CUCP meeting in Anaheim Hills, CA:
- Bank Secrecy Act (BSA) and Customer Identification Program (CIP) - While members are filling out forms, some information may be missed or may be considered too broad. An example of this is when a member selects “self-employed” as a job description, rather than going into detail regarding what type of self-employment work they do. The NCUA wants to make sure fields like this are filled out with more description.
- Member Information Security - New employees should be properly trained on this subject. Once an employee completes this training, there should be documentation of the training with notation of the completion date. As for non-exposed employees (those who do not need to have access to member information), there should be precaution and security to make sure member information is safe at the credit union.
- Safeguarding Member Information - A credit union should be able to identify and prioritize risks and threats. It should be able to manage and control risk, adjust security when a threat occurs, and report the threat to the Board of Directors when it happens. The CUCP meeting explained how vendors can put credit union members at risk. Please note however, you do not have to worry about this when you use Oak Tree’s products or services. That’s the great thing about Oak Tree. We do not keep any credit union member’s information on file, which creates less risk for your credit union.
- Privacy - Members of credit unions will receive Annual Privacy Notices, and credit unions can go about satisfying the task by:
Hand-delivery or mailing a printed copy
Providing electronic copy
Posting it on the credit union website