Bank Secrecy Act (BSA) compliance is an integral part of credit union compliance. While large organizations are usually the ones under fire for BSA violations, CUs are just as liable for anti-money laundering laws, and in case of compliance mishaps, the penalties can be severe. According to the Federal Financial Institutions Examination Council (FFIEC), those facing money laundering charges can face up to 20 years in prison and a fine of up to $500,000. Any property related to the criminal activity, including property such as loan collateral, personal property, and even entire bank accounts may be subject to forfeiture. Banks and CUs also risk losing their charters, and their employees can be removed and barred from employment in the financial services industry. If the thought of these repercussions causes you and your credit union panic, fear not. Credit unions with a BSA compliance program in place are well-protected from BSA violations. Here’s how your credit union can better conform to BSA rules and regulations.

HMDA compliance has been looming over credit unions for many years. It was actually enacted by Congress in 1975 but wasn't transferred to the Consumer Financial Protection Bureau until 2011. The financial industry has been revamping their loan processes in order to ensure compliance with recent and more rigorous adjustments to the regulation, but what exactly does that entail? Here is the download on recent HMDA announcements and how your credit union can remain compliant.

Ambien and Lunesta have met their match, and its name is Credit Union Compliance. Compliance is a topic at the top of any credit union leader’s mind as there are a lot of looming questions and concerns when it comes to compliance, and many credit union CEOs have endured sleepless nights worrying about their state of compliance. In the digital world, there are a varied and vast amount of risk factors when it comes to data security and more rules and regulations too. Here are 5 questions that keep credit union leaders up at night.

Recently announced Gold Globe nominee "Ozark" joins the ranks of "Breaking Bad," "The Big Short," "The Wolf of Wall Street," and many more crime TV and movies showing us that money-making can be a dirty business. The negative impacts on society as a whole are well documented. Increased crime drives up the cost of government due to the need for increased law enforcement. In socio-economic terms, money laundering transfers economic power from the market to criminals, and in extreme cases, can lead to a virtual take-over of legitimate government. In other words, the criminals gain such a foothold they influence, directly or indirectly, the political workings of the country. While on a large scale we all know money laundering is really bad, explaining to members why the credit union employs fraud detection and anti-money laundering tools may require some education on how AML impacts the every day, average credit union member.

The new Current Expected Credit Loss (CECL) accounting standard for banks and credit unions of all sizes is set to go into effect in 2020 for SEC registrants, and 2021 for all other banks and CUs. The new standards in credit union regulations are going to be both a blessing and a curse for many small to mid-sized credit unions. Now more than ever, CUs are sitting on mounds of data about their members and accounts, but many struggle not only finding the data from disparate sources, but also in making sense and gaining actionable insights from it. The reporting required to comply with the new standards may pose a challenge to CUs, but is also an opportunity to finally put that data to good use. Harnessing data is no longer an option for the C-Suite. These new requirements can be used as a spring board to develop a competitive advantage in credit union lending.

Staying ahead of the ever-changing credit union compliance rules and regulations is no simple feat. For credit unions big and small, compliance is identified as a top critical issue they face every day. When compliance mistakes are made, the credit union takes a hit financially, and this hit can be detrimental especially for smaller credit unions. In order to keep the lights on at your credit union, here are 4 compliance mistakes you should avoid making.

Money laundering is dirty business. One that the U.S. government has been trying to clean up since 1970. Laundering is used to hide criminal and terrorist activities by inserting "dirty" money into the legitimate financial system, "washing" it around financial institutions through transfers, until it comes out looking "clean." These ill-gotten gains can impact the global economy as much as our own. Here are some fast facts about the Anti-Money Laundering rules to help your CU take on the seedy underbelly of criminal financing.