Quarterly CU PolicyPro updates
Published by: Christy Clark
July 27, 2022 | Compliance
To streamline your compliance policy manual, the entire Administration chapter was reviewed in CU PolicyPro to determine if the model content was truly policy-related or if the content was more procedural/resource information that was better suited to support overarching policy content for credit unions. In total, 16 sections that were previously identified as “policies” have been recategorized as “procedures” or “resources” and moved as a sub-section under a related policy.
One new policy was added for credit unions exploring marijuana-related business lending (Policy 7450, Bank Secrecy Act, BSA, – Marijuana-Related Business Lending). There were also some minor changes made to the Succession Planning Policy (1520) based on the proposed rule by the National Credit Union Association, NCUA. Although this rule is not final yet, the policy needed an update. There may be additional changes when the final rule is released, but this version will be closer to what is required by the NCUA. Policy 7120 – Fair Lending was also updated with minor changes considering the Consumer Financial Protection Bureau, CFPB’s, advisory opinion on the impact of the Equal Credit Opportunity Act through the lending process, including after credit has been extended.
For additional questions, contact Director, Member Success and Communications Christy Clark.
