March Compliance Meeting planned in Birmingham

Mike Lee, LSCU director of regulatory advocacy, governmental affairs, issued a reminder for the LSCU’s March Compliance Meeting at Avadian Credit Union (1 Riverchase Pkwy. S., Hoover, AL 35244) on March 14 at 9 a.m. Lee requests suggested topics for discussion. In addition to normal compliance related topics, attendees will have an opportunity to discuss fraud issues and to consider how you want to go about arranging those discussions in the future.

Among topics for consideration, Lee reports, are:

  1. Call Report RFI – NCUA is proposing changes to the call reports. If you, or someone at your credit union, has experience or interest in this area, please share any input on the subject. A $50 gift card will be presented to the person who submits the most comprehensive input on the changes. NCUA has created a website on the topic. Contact Mike Lee for more information.
  2. BSA Training – If you have a BSA Officer in need of training, a course a course facilitated by Lee (along with a panel) will be offered on April 10. You can find information on that here.
  3. Right of Redemption – The Alabama Legislature passed a bill modifying the right of redemption to one year after a property has been foreclosed upon and provided an affirmative defense for mailing notice of the foreclosure. You may review the bill here.
  4. Effects of Credit Reporting Changes – The CFPB released a report on preliminary findings for changes to public records appearing on credit reports. The report mentions that a better analysis will be available after two years of data is collected, but the information may be useful in considering your credit union’s policies regarding judgments and credit scoring. You can see it here.