Credit Union Update – 2012 in Review Welcome to our monthly e-communication designed to keep you informed on the latest changes and provide you with a few helpful resources. Sign up and you'll receive free access to our most recent articles, case studies, white papers and webinars.

Webinars Building a Sound Compliance Management Program View the On Demand version of this 2012 Wolters Kluwer Financial Services User Summit Session. Get an up-close look at the basics of developing and maintaining a Compliance management Program. You’ll gain a better understanding of regulatory expectations for compliance management, how compliance management systems work, and the most common compliance management program problems. Charting the Federal Legislative and Regulatory Course: The shift from proposed to final action View the On Demand version. As regulatory reform continues to make its push, proposals have been issued, comment periods are ending and final regulations/effective dates are on the horizon. By continually monitoring the progression of new laws and regulations, your organization will be better equipped to implement a compliance plan of attack that effectively manages expectations and resources. Join senior attorneys, Jeanne Erickson and Kurt Stertz, for a free webinar update on a number of significant developments including Dodd-Frank mortgage proposals, UCC Article 9 initiatives, Regulation E changes, BSA-E Filing requirements and more. During this session, you’ll gain a better understanding of proposed and new rules and the impact on your organization's processes and documentation come 2013.

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Articles

The CFPB Impact on All Financial Institutions Although the Dodd-Frank Act was enacted on July 21, 2010, and the Consumer Financial Protection Bureau (“CFPB”) was established and the transfer of rulemaking authority for many laws occurred on the earliest date permitted for the transfer by the Act on July 21, 2011, there remain future implementations dates and a number of required regulations which have yet to be finalized by the CFPB. The changes required by the Act and currently proposed regulations, the role of the CFPB, the responsibilities of other primary federal regulators, and the impact of the CFPB on all financial institutions and their service providers is a focus of important discussions. Recent delays of implementation dates help to put these issues in perspective. UDAAP and Your Financial Institution It appears that you can’t pick up a financial publication lately without seeing an article on the concerns about compliance with Unfair, Deceptive and Abusive Acts and Practices law, UDAAP. The attention is justified given the uncertainty generated by the creation of the “abusive” prong in the Dodd-Frank Act. And further, some high profile corrective actions this fall are enough to give even the most casual compliance officer and extra measure of concern. Previous Months Articles: Hold Notices: The Redeposited Checks Exception The Flood Insurance Reform Act of 2012 Hold Notices: The Large Deposit Exception Purchasing Loans and Participations to Enhance Earnings Hold Notices: The Reg CC New Account Hold Article 9 Uniform Commercial Code Changes Effective 2013 Hold Notices: The Reg CC Case-by-Case Delay Flood Healthy Do Your Homework and Be Prepared to Best Take Advantage of SBA Lending Opportunities

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Case Studies

Southeast Financial Credit Union – Account Information Brochures In 2009, Southeast Financial Credit Union sought a new partner when its existing vendor could no longer keep up with the demands associated with rapid growth. The credit union chose Wolters Kluwer Financial Services because it offered scalable solutions and services that were not one-size-fits-all. Prior Months Case Studies: ComplianceOne – Case Study Mendo Lake Credit Union – Deposit Disclosure Program Document Services – Case Study Secure Document Exchange – Case Study Account Recordkeeping Service Honda Federal Credit Union - Account Information Brochure Financial Resources Federal Credit Union - ComplianceOne™ SLO Credit Union − ComplianceOne™

White Papers

Holder in Due Course A Federal Trade Commission regulation (16 CFR 433.1 et. Seq.) requires a bold-faced notice on certain consumer credit contracts. The notice says that the holder (the person entitled to receive payments under the contract) is subject to defenses and claims the borrower might have against the seller of the goods and services purchased under the contract or with the proceeds of the contract. Previous Months White Papers: Interest Rate vs Annual Percentage Rate The HSA Opportunity for Financial Institutions The Fundamentals of Arbitration and Recent Developments Baby Boomers Reach Retirement: The Impact on Your IRA Program Why the Borrower Experience Needs to Get Better

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