CU PolicyPro content updates and new features
Published by: Christy Clark
October 6, 2021 | Compliance
It’s Fall already and along with changing leaves and the beginning of school; Fall brings the next set of CU PolicyPro content updates. This content revision has six policy updates and one new policy (Model Policy 2118 – Community Reinvestment Act).
In August, the FFIEC issued “Guidance on Authentication and Access to Financial Institution Services and Systems.” This replaces the previous guidance documents from 2005 (“Authentication in an Internet Banking Environment”) and 2011 (Supplement to “Authentication in an Internet Banking Environment”). The guidance was updated to provide credit unions with examples of effective risk management principles and practices for access and authentication. PolicyPro haw updated Model Policy 2225 – Digital Banking (the title of this policy has been updated from Remote Banking) and Model Policy 4120 – Information Security, accordingly.
Another big policy revision was related to the significant amendments made to the Fair Debt Collections Practices Act that becomes effective on Nov. 30, 2021. Model Policy 9120 – Fair Debt Collection Practices Act was revised and is encouraged for those credit unions considered to be debt collectors under the rule.
PolicyPro also has a new policy to related to the Community Reinvestment Act (CRA). A few states that have adopted laws or are in the process of adopting laws to require credit union’s compliance with CRA. This policy is intended to serve as a model, based on Regulation BB. Credit unions will be required to customize according to their local laws.
For additional information or assistance with membership benefit CU PolicyPro, contact Member Outreach Manager, Christy Clark.
