Services: Helping you navigate faster…
There are more and more regulatory compliance and internal audits that need to be done both annually and bi annually. Failure to comply is not an option for you. However not only does it take a lot of time to make sure your organization keeps up to date with the ever changing compliance landscape, it also takes time to ensure that you do everything correctly in order to comply. As your Credit Union grows, the number of regulatory issues also become more complex.
Credit Unions are increasingly finding it is more efficient and cost effective to outsource this work and as leading experts in regulatory compliance, we have provided internal audit, policies and procedures, mandated reviews and other services annually to more than 60 Credit Union and community bank clients in California, Arizona and Nevada.
Our ongoing risk assessments are an invaluable way to understand and control the various weaknesses that may exist in your credit union’s operations and allows you to make informed decisions and corrections if necessary.
We also partner with Credit Unions on special projects, such as reviewing merger options with other institutions, specific internal fraud investigations, the filing of bond claims, and training. Norm Cecil also assists the California / Nevada Credit Union League by setting up new credit unions with a federal or state charter.
* Regulatory Compliance Reviews
* Ongoing Risk Assessments
* Review any important change of senior management to ensure control remain in place
* Emergency / temporary management assistance
* Budget preparation and annual planning / training
Audits required for ongoing compliance purposes:
- The STAR ATM Network requires that you conduct a TG-3 review every 2 years; we have conducted these reviews since their inception;
- NACHA requires that financial institutions complete an annual audit of their ACH functions. This requirement is for both Receivers and Originators;
- BSA audits are now required to be completed annually. This audit is not merely a review of CTR and SAR forms but it touches on much of the credit union’s retail operations, as well;
- A BSA / AML risk assessment needs to be completed annually;
- OFAC audits are required to be completed annually;
- Patriot Act audits are required to be completed annually;
- Information Security Audits are becoming more and more important as various pieces of legislation mandate that financial institutions have adequate policies and procedures to protect private data. These engagements are invaluable in assisting management in assuring compliance with various regulations;
- The CU Service Center network requires that service providers (whether you are an acquirer or issuer) have their operations reviewed for compliance annually;
- Your SAFE Act compliance needs to be reviewed annually;
- Your FACT Act compliance needs to be reviewed annually;
- Your Gambling Act compliance needs to be reviewed every 2 years, according to most examiners;
- Your Courtesy Pay program compliance needs to be reviewed every 2 years, according to most examiners;
- Your process of Asset / Liability management (particularly your measurement of interest rate risk needs to be reviewed every 2 years, according to most examiners;
- Your Risk Based Lending program needs to be validated every 2 years, according to most examiners.
A huge advantage of having Mainsail Trim assist your Credit Union is the transfer of our knowledge resulting from our interaction with dozens of our client Credit Union’s staff and officials.