Audit services can help ensure your credit union is in compliance with the ACH Rules, BSA, CIP and OFAC Requirements, SAFE ACT and website review requirements.
SAFE Act Audit
The SAFE Act requires that all credit union employees who act as Mortgage Loan Originators (MLO) be registered with the National Mortgage Licensing System and that the credit union designate a Program Administrator to monitor and ensure compliance with the requirements.
We will determine your CU complies with the requirements of the SAFE Act. We will review the process to identify and register mortgage loan originators in a timely manner; the adequacy of policy, procedures and documentation to ensure compliance with the requirements of the SAFE Act, and required training.
The NACHA Operating Rules require all participating depository financial institutions, Third-Party Service Providers and Third-Party Senders to conduct an annual ACH Rules Compliance Audit each year. The ACH Audit can help you identify potential problems, correct them before an issue arises and limit your liability.
BSA, CIP and OFAC Audits
Congress enacted the Bank Secrecy Act (BSA) of 1970 to prevent credit unions and other financial service providers from being used as intermediaries for, or to hide the transfer or deposit of money derived from, criminal activity. The BSA requires financial institutions to maintain appropriate records and to file certain reports used in criminal, tax, or regulatory investigations or proceedings.
Money laundering detection and prevention are critical elements of a financial institution’s compliance program. An effective BSA program will help minimize exposure to transaction, compliance, and reputation risk and avoid the risk of fines and other enforcement actions by federal and state regulators.
The life cycle of a BSA program is to implement a BSA risk assessment, develop policy and procedures, establish internal controls to mitigate the identified risks, train and educate on the program, and test the program for compliance.
The League audit services can help with your BSA program by performing an audit/test of your existing program to comply with the program’s requirements.
Website Compliance Review
Ensure your website is compliant with all applicable federal regulatory requirements. We will conduct a review of your credit union’s website for compliance and regulatory related items to meet these requirements.
The League can help credit unions resolve findings by a regulator during an examination. Our experience can help assist credit unions understand the findings and execute a resolution such as policy and procedure changes.
Policy Review, Development, and Implementation
When a credit union needs to put together a policy, the League is here to help. We can review current policies and make recommendations based on industry trends. The League will work with you to help develop the right policies needed for your credit union.
Complete Compliance Solution with AffirmX
CU Risk Intelligence’s industry-leading risk management automation provider, AffirmX, delivers mitigation resources for credit unions that reduce the costs, workloads, and angst associated with regulatory compliance.
Serving more than 140 credit union clients and scores of association partnerships nationwide, the system prioritizes risk management tasks and remediation by utilizing relevant and timely data that improves performance throughout the enterprise.
Anticipate and Pinpoint Compliance Issues Before They Become a Problem
Is your credit union finding it challenging to keep up with the complexities of regulatory compliance? You need a cost-effective solution that offers the same or greater oversight that consulting and accounting firms provide. AffirmX's patented risk management and compliance technology, the AffirmX Risk Intel Platform, is designed to help credit unions seamlessly comply with laws and regulations and addresses emerging risks at a fraction of the cost that consulting and accounting firms charge.
Helping your credit union reduce risk management workloads, anxieties and costs
As an industry-leading risk management and compliance services provider, AffirmX provides clients with prioritized, relevant and timely information and analyses to improve performance across the organization. The AffirmX Risk Intel Platform is a risk intelligence, cloud-based platform that systemically helps you stay current with laws and regulations by delivering a suite of compliance tools to reduce the costs, workloads and anxieties associated with proactive risk management in the ever-changing world of regulatory compliance.
The AffirmX Risk Intel Platform is your go-to source to convert regulations into business practices and help better position you to meet examiner expectations. This industry-leading solution draws on internal and external sources to develop risk-based priorities. It is branded to your credit union and customized to meet your individual needs. It includes a quantifiable risk assessment to determine your initial risk rating, an onsite analysis by one of AffirmX's senior compliance experts, complete compliance workflow and a risk-based dashboard. This all-inclusive compliance platform will save you time and angst by quickly identifying vulnerabilities and streamlining compliance management practices across the enterprise.
AffirmX offers the following solutions to combat regulatory compliance:
Delivering Self-Assessment Tracking, Measuring and Reporting for Compliance Activities
ComplySight is the easy-to-navigate, self-driven platform for credit unions to address compliance initiatives through a single application. This internal compliance solution assists in the organization's overall communication, supporting a state of continual readiness for audits, and providing regulatory updates essential to maintaining credit union compliance.
ComplySight transforms complex regulations into simple, straightforward summary language. As a holistic solution, it includes 16 areas of compliance and over 700 compliance factors for self-evaluation and grading to provide visibility and measurement and identify any potential areas of compliance deficiency. ComplySight matches compliance needs with compliance gaps - filling the need by integrating with League InfoSight products, Infosight and CU PolicyPro®.ComplySight screenshot
ComplySight also includes a comprehensive Complaint Management System to track complaints that ensures responsiveness, responsibility with reporting and to identify potential trends or areas needing improvement. The system allows credit unions to assign tasks to employees and record corrective action.
- Tracking - ComplySight's communication and tracking tools make it easy to determine your credit union's compliance position. Email notifications bring reminders right to your inbox to alert you of new assignments, new content, upcoming (or overdue) due dates. The dashboard provides a customized snapshot of open assignments and the current grade you have given for all areas.
- Reporting - Robust reporting features, overviews and in-depth information on your credit union’s compliance to help direct your activities and keep everyone on task. A variety of reports allow you to pinpoint areas of concern, monitor progress and stay on track. Reports can be exported to PDF for distribution or to Excel for customization.
- Updating Regulatory Changes - ComplySight helps you stay on pace with regulatory reforms. When a regulation change or new guidance is introduced, you will be notified and provided guidance to assist with compliance reviews. You determine if the new content should be added to your system or if it is not relevant. You also have the option to delay acceptance of new changes until you have conducted the due diligence required.
- Compliance Consulting - ComplySight easily pairs with and supports your association/league consultant activities to provide complete compliance management.