PolicyPro helps CUs meet regulatory burden
PolicyPro is an excellent tool that can help you meet your regulatory burden. The newsletter is distributed monthly to the LSCU’s credit union affiliates by Bill Berg, the League’s VP, Compliance Training and Information.
The most recent issue included updates, such as: The Federal Reserve Board (FRB) makes adjustments to the reserve thresholds within Regulation D using statutory formulas specified in the Federal Reserve Act. Credit unions must maintain reserves based on the mix of deposits. Policy 9420 has been updated with the new thresholds. Below are the thresholds for 2018:
- The first $16 million is exempt from the reserve requirement;
- Transaction accounts between $16 million and $122.3 million will have a 3 percent reserve requirement; and
- Transaction accounts over $122.3 million will have a 10 percent reserve for amounts over $122.3 million plus $3.189 million.
PolicyPro, like the Custom Performance Reports (CPRs), and InfoSight are values of affiliation and are free to affiliated credit unions. If you have questions or have not been receiving your copy, please contact Bill Berg.