Compliance Services
Bank Secrecy Annual Compliance (BSA)
This audit is conducted to provide an objective independent evaluation of the credit union’s BSA/AML and OFAC compliance programs, and the adequacy and effectiveness of related policies, procedures, and processes.
BSA Risk Assessment
We can provide an independent evaluation of BSA/AML and OFAC risk related to the credit union’s products, services, customers, entities, transactions, and geographic locations. The results of our comprehensive analysis of the BSA/AML risks are documented for the credit union in a concise and organized presentation that identifies risks to the credit union and the internal controls in place to mitigate those risks.
ACH Annual Reviews
Receiving and Originating – Meet the NACHA Rule requirement for your annual ACH Audit through our outside independent ACH Audit which provides an objective review for compliance with NACHA Operating Rules, and related rules and regulations.
ACH Risk Assessments
The Risk Management and Assessment Rule (effective June 18, 2010) requires all participating DFI’s to conduct a risk assessment of their ACH activities, and implement risk management programs based on the results of such assessments. Our service provides an independent evaluation which identifies associated risks, and the internal controls in place to mitigate those risks, documented in a concise and organized presentation.
Policy Reviews
Ensure the effectiveness of the credit union’s compliance programs through our review for complete, correct, and comprehensive policies. This review will help the credit union develop and maintain policies which reflect all current regulatory requirements, including new and amended regulations.
Documentation and Marketing Material Reviews
To ensure the credit union’s compliance with state and federal laws and regulations related to documents, disclosures, brochures, and advertising used for specific products and services through our documentation reviews. Our reviews will address important changes in disclosure requirements, marketing, and advertising rules, as well as ensuring these materials are complete, accurate, and non-discriminatory.
Mortgage Lending Quality Control Services
The quality control program has been established to independently monitor and evaluate the quality of first mortgage loan originations, and to assist the credit union in taking corrective action in the event of deficiencies. This program was designed to meet the requirements of the FHLB and FHLMC.
Website Review
Have your website independently assessed to identify risks related to Truth-in-Savings advertising and rate descriptions, Regulation Z closed-end and HELOC advertising, NCUA insurance disclosure, Equal Housing Lender Logo, Non-Deposit Investment Product disclosure, NCUA Privacy Policy disclosure, and E-SIGN Act violations among others.
ALM Assumption Validation Service
Validation testing is designed to assist with performing certain validation procedures to the data and assumptions used in the preparation of the asset/liability management reports prepared using ALM forecasting model.
SAFE Act Annual Review (New Requirement in 2012)
Annual independent testing for compliance with subpart 104(f) based on risk. This audit includes a review of policies and procedures, identification of covered employees, appropriate and timely registration and renewal of registration, and proper use of unique identifiers.