7.10.2020 Regulatory Compliance Newsletter

  • Q&A: What do I need to figure out beneficial ownership on existing memberships?
  • FinCEN Guidance on Due Diligence for Hemp-related Customers
  • FinCEN Issues Advisory on Imposter Scams and Money Mule Schemes Related to COVID-19
  • Field of Membership – Rural Districts (Letters to Credit Unions)
  • CFPB Proposes EGRRCPA-required HPML Escrow Exemption
  • OFAC Issues Reminder to File Blocked Asset Report
  • Financial Regulators Issue Statement on Managing the LIBOR Transition
  • Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions
  • InfoSight: July 1, 2020 Effective Dates Reminders
  • Virtual Compliance Update & Roundtable – July 15th – RSVP to dgibbs@mwcua.com

Session 1: 10:30am MDT / 9:30am AZ

Session 2: 3pm MDT / 2pm AZ

August BSA Officer Training Going Virtual

The August 13 BSA Officer Training is moving to a fully virtual format. Due to current COVID-19 restrictions, this provides much-needed training in the safest environment possible. We will still have the same expert speakers and the most current BSA information, but we’ll be meeting online instead of in person. Topics include: NCUA 2020 Supervisory Priorities, SARs Filings and Investigations, Marijuana and Hemp Businesses, as well as Lessons Learned from the Pandemic.

This change in format now allows any BSA professional who still needs training, no matter where they are located, to attend. Registration will remain open until the beginning of August, so if you are interested, don’t hesitate to register for this program.

Plus! We are offering the Early Bird rate of $239 for anyone who registers before July 13. Also, small credit unions (<$40M) will receive a 50% discount for one registration for this program.

Click here for more information and to register.

CUNA-Leagues Small Credit Union Webinar Series

We all want to do more to preserve small credit unions. That’s why we’re thrilled to announce that CUNA and every state league in the U.S. has committed to create a new series of free webinars just for you.

Starting Tuesday, August 4, CUNA and leagues will be hosting weekly FREE webinars tackling the most important issues and subjects facing small credit unions today: new member growth, technology best practices, succession planning, marketing, board engagement, the list goes on.

With every League and CUNA committed to hosting a weekly webinar, we will have sessions through Spring 2021, allowing us to record and create a library of 30+ sessions packed with ideas and actionable information.

We look forward to seeing you on Tuesdays at 1 pm (MDT)/ 12 pm (PST) starting August 4!

Click here to learn more and register today

Canyon State Credit Union and Deer Valley Credit Union Announce Their New Name Following a 2019 Merger

(Phoenix, AZ) — Canyon State Credit Union and Deer Valley Credit Union have renamed their combined Credit Union following a successful merger.

In 2019 a mutually beneficial merger joined the two credit unions, bringing their memberships and combined assets together to create a stronger cooperative financial institution with greater resources. Their dedication to their members and the communities they serve was at the core of discussions regarding the name change.

Effective June 13, 2020 they became Copper State Credit Union. “The name Copper State Credit Union felt right for us,” stated Robb Scott, CEO of the institution. “Copper is a metal that symbolizes strength. Throughout our discussions regarding the 2019 merger one phrase continued to echo in every conversation — ‘we’ll be stronger together.’ We are stronger now, and our new name tells that story.”

Scott stated that the values of the institutions have not changed, however they are better defined. He assured that family is at the heart of their brand and their family of employees will continue to provide the same local service to their member-families and the credit union will continue to support families in their local communities. Copper State will strive to empower members with financial education, knowledge and tools to help them reach their goals.

The leadership team of the credit union is glad to have a new name. “It symbolizes that we are in fact one unified institution rather than two credit unions operating in parallel,” said Paul Waterman, CO-Chair of the Board of Directors. “The new name brings a sense of togetherness to our family of employees.”

Chris Urness, also CO-Chair of the Board of Directors added “We’re very pleased with the choice for the new name. Not only is the element copper relevant to our great state, but a refreshed brand brings a sense of enlightenment to our institution. We stayed true to ourselves and our values throughout the naming process and I believe our redefined brand captures the essence of who we are very nicely.” The credit union worked with FI GROW Solutions, LLC, a marketing agency they have had a longtime partnership with, for the name change project.

Scott confirmed that, all staff members from both credit unions retained their jobs. “We want our members and the communities we serve to know that we’re still your local credit union. You will still see your family members, neighbors, and friends working here. We will still provide the same excellent service we always have and we’re still here for you. Our new name symbolizes our next chapter and we’re excited for all of our members to be part of it.”

The credit union will be in touch with its members regarding any changes resulting from the name change during the next few weeks.

About Copper State Credit Union: Copper State Credit Union is headquartered in Phoenix and has been providing financial solutions for members throughout Arizona and beyond for more than 67 years. Copper State is open for membership from anyone who lives, works or worships within several counties of Arizona – Maricopa, Gila, Navajo, Pima, Pinal or Yavapai – as well as anyone who works for the credit union’s designated Select Employee Groups (SEGs). Copper State is community-based and locally focused, with eight locations within Phoenix area as well as a branch in Payson, AZ.





Contact: Lenore Froehlich


Jennifer Wade


  602.509.7115 602.375.7312

6.26.2020 Regulatory Compliance Newsletter

  • Q&A: Is the Interim Final Rule Regarding Reg D Permanent?
  • CFPB Launches Pilot Advisory Opinion Program
  • SBA Launches PPP Tool to Connect Small Businesses with Lenders
  • CFPB Updates Remittance Transfers Compliance Guide
  • Important Technical Notice for Users of the OFAC Website and Sanctions List Data Files
  • CFPB Issues Interpretive Rule on Method for Determining Underserved Areas
  • InfoSight: Content Update – Remittance Transfer Topic
  • Virtual Compliance Update & Roundtable – July 15th

Audit & COVID-19 Webinar: A CFO Roadmap

CFOs are dealing with unprecedented challenges as COVID-19 upends financial and operating environments. As CFOs seek to manage these changes, internal controls and audits have taken on even more importance with CFOs working effectively with risk, compliance, and audit committees. This webinar will explore the evolving role of audits in assessing safety and soundness during the COVID-19 pandemic and beyond. From financials to pandemic response, you’ll gain valuable insights and learn how to be the hero your institution needs right now, using audit tools to look beyond safety and soundness to weather the current COVID-19 storm and strategically position your institution for success.

6.19.2020 Regulatory Compliance Newsletter

Regulatory Compliance Newsletter June 19, 2020

  • CFPB Issues CARES Act and Credit Reporting FAQs
  • OFAC Sanctions Nigerians in Scams Targeting US Victims
  • FTC COVID-19 Complaint Data Expanded
  • HMDA Reporting if the Threshold Changes: FAQ from CUNA
  • InfoSight: New Video Resource – Back to Work Best Practices
  • Virtual Compliance Update & Roundtable – July 15th – RSVP to dgibbs@mwcua.com

Session 1:     10:30am MDT / 9:30am AZ

Session 2:     3pm MDT / 2pm AZ

Mountain West Credit Union Association helps bring MemberPass™ to market


Digital Identity to help reduce fraud for credit unions and members

June 17, 2020 (DENVER, Colo.) – The Mountain West Credit Union Association (MWCUA) has finalized a strategic partnership agreement with CULedger to help jump start the implementation of MemberPass™, a digital ID held by credit union members. MWCUA will help secure credit unions to participate in the Digital Trust Registry™, the registration component of the program. MWCUA currently serves 123 credit unions with 3.8 million members and $51 billion in assets in three states, Colorado, Arizona and Wyoming.

In MemberPass™, credit unions have a turnkey, affordable digital identity solution that will safeguard members’ personal information and provide a touch-free member experience across all channels.  It is a simple and secure replacement for identity verification questions, like the member’s birthday or social security number, making members’ experience convenient and stress-free.  It also presents an opportunity for your credit union to reduce identity theft by giving control and ownership of personal data back to your members allowing them the right to share information, how and where they choose.

“MemberPass™, from CULedger, creates for credit unions a contactless and secure environment that members now need and want in the face of the pandemic and other challenges,” said Scott Earl, President and CEO of the Mountain West Credit Union Association. “We are thrilled to help bring this incredibly valuable solution that provides a secure digital ID to members and protects credit unions from fraud, to market.”

The Digital Trust Registry™ allows credit unions access to the MemberPass™ technology. Credit unions receive their own public digital ID that is written to the Sovrin Global Identity Network (www.sovrin.org). Sovrin is a global distributed ledger (or blockchain) designed exclusively to support digital trust networks and verifiable digital credentials, which is why Sovrin is CULedger’s partner in building the MemberPass™ Trust Network. Once registered with the Digital Trust Registry, credit unions can issue MemberPass™ credentials to their members, and the enhanced security and privacy elements are activated.

MWCUA will join other partners in engaging credit unions in joining the Digital Trust Registry.

The unique privacy-first design creates a competitive advantage for credit unions by allowing members to have one single digital credential that is both portable and interoperable. CULedger’s long-term goal is to enable members to use their MemberPass™ identification to verify who they are with other highly regulated institutions, including in government and healthcare.

For more information about this program, please contact Lisa Slaymaker of Strategic Partners.

About CULedger

CULedger is a credit union-owned CUSO (credit union service organization) that is creating the premier platform of digital exchange for financial cooperatives globally. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign decentralized identity, MemberPass™, that will further enhance the trust credit unions have with their members.

CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs. To learn more about MemberPass™, visit www.memberpass.com or follow the company on the CULedger Facebook, LinkedIn or Twitter.

About the Mountain West Credit Union Association

The Mountain West Credit Union Association is the regional tri-state trade association representing 123 member credit unions, 3.8 million credit union members and $51 billion in assets throughout Arizona, Colorado and Wyoming. Not-for-profit in nature, credit unions provide low-cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports the interests of member credit unions through advocacy, community outreach, education and training, public affairs, regulatory and compliance services and strategic partnerships. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU) and CUNA Mutual Group. Follow us on twitter at twitter.com/mwcua or on Facebook at facebook.com/mwcua. To learn more visit mwcua.com.



6.12.2020 Regulatory Compliance Newsletter

  • NCUA/EXIM Bank Partnership Will Help Credit Unions Support Small Businesses
  • NCUA Letter to Credit Unions (20-CU-18) Prompt Corrective Action Regulatory Relief Measures in Response to the COVID-19 Pandemic
  • CFPB Issues TRID Fact Sheet and FAQs
  • NCUA Updates Offsite Examination and Supervision Approach
  • InfoSight News
  • Virtual Compliance Update & Roundtable June 17th