A note about this compliance training—This year, the Utah Credit Union Association has separated the compliance school into seven separate days of training, each in a different month of the year. After all, one day of training is much easier to endure than three in a row. Plus, with seven days of training the material is more comprehensive. Also note that our compliance school will count as continuing education for CUCE re-certification.
In April, our training will cover General Operations including:
Section 2: General Operations Regulations
During this session of Compliance School we will cover laws and regulations that govern credit union operations.
- Bank Secrecy Act: The big one . BSA is the number one compliance concern for most financial institutions . We will cover reporting and record keeping requirements, information sharing, Customer Identification Programs and penalties for non-com- pliance . We’ll also discuss how BSA affects credit union products and services.
- Bank Bribery Act: Just what it sounds like . We will discuss the prohibitions against credit union employees and directors accepting bribes in exchange for preferential treatment.
- The Right to Financial Privacy Act: Believe it or not, the federal government doesn’t get to have any information it wants . We will discuss the procedures for releasing member information to federal government agencies.
- IRS Information Reporting and Withholding: We will discuss how to withhold funds and report information to the IRS . There will be a big emphasis on forms – no surprise there.
- Privacy: We will discuss rules regarding the disclosure of member information, including privacy notices, opt-outs, Medical privacy and online privacy.
- Office of Foreign Asset Control: Don’t do business with criminals or terrorists! Find out what your credit union must do to detect subject transactions and what to do when you have one.
- E-sign: This is all about when and how you can provide electronic disclosures to members.
- Unlawful Internet Gambling: A relatively new regulation . Find out what you need to do to prevent your credit union from processing illegal gambling transactions