THE WORKS Blog, Credit Union Compliance News & Views

      Your Mid-Year Compliance Checklist

      By PolicyWorks · Jul 11, 2017

      We’re officially into the third quarter of the calendar year, which means the summer sun is blazing, humidity is high, Iowa sweet corn can be found in road-side stands around the state, and unbelievably, the year is already half over!

      If you’re like me, time flies faster year after year. Before you know it, 2017 will be over and you’ll be working diligently to document final status on your compliance deliverables. Nobody wants to be saddled with extra work around the holidays, so take some time right now to run down your mental compliance checklist to ensure things are on track. To help you out, here’s a short mid-year checklist to check your pulse and make sure you keep your compliance initiatives on track:

      • Q1 and Q2 HMDA data reconciled and accurate
      • Q1 and Q2 scheduled policy reviews took place and appropriate approvals received
      • Q1 and Q2 regulatory compliance monitoring and testing complete and reports distributed to appropriate parties
      • Testing plans in place for Q3 and Q4 and affected departments notified
      • Annual required audits are completed or scheduled for BSA, ACH, and SAFE Act
      • Annual Privacy Notice distributed or scheduled to be distributed
      • Compliance Risk Assessment completed or scheduled
      • Fair Lending Risk Assessment completed or scheduled
      • Identity Theft Red Flags audit complete or scheduled
      • Project deliverables for MLA credit card rules effective this October are on track
      • Project deliverables for HMDA rules effective in 2018 are on track
      • Upcoming Change in Terms notifications scheduled for distribution

      Click Here for more information on how PolicyWorks can help you finish your 2017 compliance checklist.