4.26.2019 Regulatory Compliance Newsletter

  • Important Technical Notice for Users of OFAC’s Sanctions List Data Files
  • FATF Report on China and Finland’s AML/CFT Systems
  • Privacy Issues Raised at CUNA’s Regulatory Compliance School
  • NCUA Board Seeks Comments on Loan Compensation
  • Elder Financial Exploitation

Mountain West Credit Union Association Releases Annual Report

More than 500 Credit Union Professionals Gather at Annual Meeting & Convention

SCOTTSDALE, Az. & DENVER, Co. (April 24, 2019) – The Mountain West Credit Union Association (MWCUA) released its annual report to association members and disclosed financial reporting for the year ending December 31, 2018 at its annual business meeting April 24. The meeting was conducted during the MWCUA Annual Meeting & Convention being held April 24-26, 2019 at The Fairmont Scottdale Princess Resort in Scottsdale, AZ.

More than 500 conference attendees representing 59 credit unions from across the Association’s tri-state trade area will participate in the three-day event. Credit unions from Arizona, Colorado and Wyoming make up the regional membership. The Association holds its annual business meeting as part of the convention. Voting members are updated and receive the Association’s Annual Report, released at the meeting.

“The Association is driven by the same principles that make up our member credit unions,” said Jim Yates, the Association’s Board Chair and President of First Education Federal Credit Union in Cheyenne, WY. “Helping to build financial stability, retain democratic control, and provide ongoing education are at the heart of what we do. It is our mission to serve our member credit unions to the best of our ability and provide solid value for their investment.”

This year’s meeting is highlighted by a keynote address delivered by CUNA President and CEO Jim Nussle. Nussle will also meet with CEOs, as well as young professionals during the conference. Attendees will also enjoy breakout sessions offering the latest industry training including technology & fraud detection; the global economy; advancing credit union interest with legislators, building a better board, regulatory issues and strategies for leaders & teams, to name a few. There is also a special conference track dedicated to young professionals in credit unions. Other keynote speakers include Dr. Andy Hines from the University of Houston, motivational speaker Mark Lindquist. The week’s events also include the Association’s annual awards, as well as a celebration of the work that credit unions do on behalf of the Children’s Miracle Network through the CU4Kids program.

“We look forward every year to the Annual Meeting & Convention as is gives us the opportunity for in-person collaboration, and to celebrate our successes together,’ said Scott Earl, President and CEO of MWCUA. “We also present a full slate of informative and valuable sessions to help our credit unions better serve their members and in turn, further the movement. We are truly part of something special.”

About the Mountain West Credit Union Association

Mountain West Credit Union Association is the regional tri-state trade association representing 123 member credit unions, 3.2 million credit union members and $38 billion in assets throughout Arizona, Colorado and Wyoming. Advocating every day on behalf of our member credit unions, the Association, Strategic Partners, the Foundation and local area Chapters, all support the credit union movement through government relations, communications, innovative products and services, networking, community outreach, education & training, leadership development, scholarships and grants, public affairs, and operational/regulatory compliance assistance.


2019 MWCUA Annual Report

Media Contact: Patti Hazlett, Director of Public Affairs

720.479.3203/720.355.2828 (mobile)

CU Solutions Group and state credit union leagues form national CUSO to acquire credit union sector rights of the AffirmX Compliance Solutions Suite

Livonia, Mich. — April 18, 2019 — The Mountain West Credit Union Association (Colorado, Arizona, Wyoming), Maryland & DC Credit Union Association, Indiana Credit Union League, Credit Union League of Connecticut, Cornerstone Credit Union League’s league service corporation, CU Resources (Texas, Oklahoma, Arkansas) and CU Solutions Group (CUSG) — a national credit union service organization (CUSO) majority owned by the Michigan Credit Union League — announce the joint acquisition of credit union sector rights of AffirmX’s patented risk management and compliance technology. Focused on strengthening and expanding compliance solutions for credit unions nationwide, the group has formed the multi-league investment entity, AffirmXCU, LLC.

As part of the agreement, the Maryland-based AffirmX will continue to provide servicing on all products and will retain a minority share of the newly formed CUSO. CUSG, in conjunction with state credit union associations, will expand and enhance the delivery of the jointly owned compliance offerings. CUSG will also leverage its existing product suite and client base to manage contracts, marketing and sales.

AffirmX currently serves more than 120 credit unions nationwide with bundled and unbundled compliance risk-assessment tools and services, including:

  • Enterprise risk management assessment
  • Regulatory compliance monitoring
  • The AffirmX Four Report Package
  • IT risk and vulnerability assessment
  • Loan review services
  • Fair Lending risk assessment
  • Internal audit outsourcing
  • Vendor management
  • Cybersecurity risk assessment
  • ADA compliance servicing


“We are all excited to join with trusted colleagues to invest in, and distribute, affordable and high-quality compliance solutions that will benefit credit unions nationwide,” Scott Earl, CEO of the Mountain West Credit Union Association, said.

As part of the transaction, the new CUSO will have exclusive license to the patent, code, contracts and intellectual property for all AffirmX solutions in the credit union sector. The CUSO will contract with AffirmX to service current and future contracts, and to partner in future product development enhancements.

“Providing credit unions with regulatory compliance tools and consulting has long been a core purpose of state leagues and associations,” Dave Adams, president/CEO of CU Solutions Group and president/CEO of the Michigan Credit Union League, said. “Many state leagues — including Michigan — already market the League InfoSight-owned ComplySight product which is used by more than 230 credit unions,” Adams added. “The AffirmX suite provides a complement to ComplySight, and in Michigan — and I believe soon in other states — ComplySight and AffirmX will be marketed side-by-side to give credit unions a full suite of compliance resource options.”

Several state credit union leagues and associations already distribute and support AffirmX solutions, including the Mountain West, Maryland and D.C., New York, Connecticut, Dakotas, New Jersey, Indiana and Michigan associations. This joint acquisition will seek to expand that network of partner leagues to market and support the AffirmX suite, while also enabling shared ownership of products and services.

“We are excited to officially become a part of the national family of credit unions and their leagues,” Ken Wolff, AffirmX CEO, said. “We believe our collective energies will provide outstanding value to the credit union community and we look forward to continuing our servicing efforts and product development and enhancement efforts for years to come.”


About CU Solutions Group

CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory, which include web services, mobile app solutions, digital advertising, Save To Win, Love My Credit Union Rewards, Performance Pro and Compease. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations. Headquartered in Livonia, Mich., the organization has strategic partnerships with Sprint, Intuit TurboTax®, GSTV and CU Vendor Management. For more information, visit CUSolutionsGroup.com.

About AffirmX

AffirmX is an industry-leading risk management and compliance services provider presenting clients with the prioritized, relevant and timely information they need to lower the cost of proactive risk management. They provide compliance tools for credit unions and banks that reduce the costs, workloads and anxieties associated with regulatory compliance. With more than 120 credit union clients and scores of association partnerships, AffirmX is a leader in the field of compliance management solutions. For more information, visit AffirmX.com.

Contact: Daniel Curren, Director of Integrated Marketing, CU Solutions Group

734-793-3469, Daniel.Curren@CUSolutionsGroup.com


Mountain West Credit Union Association Announces Support of STATES Act

Bill provides states’ rights and public safety protections

DENVER, Co. (April 12, 2019) – The Mountain West Credit Union Association (MWCUA) today sent a letter to Senators Cory Gardner (R-CO) and Elizabeth Warren (D-MA) and Representatives Earl Blumenauer (D-OR) and David Joyce (R-OH) supporting their bill, the Strengthening the Tenth Amendment Through Entrusting States (STATES) Act. This legislation provides important states’ rights and public safety protections for our credit unions and their members.

MWCUA President CEO Scott Earl noted the numerous challenges Colorado has faced providing financial services to these businesses in the five years that recreational marijuana has been legal.

“As financial services providers serving over 3 million members in the states we represent, credit unions play a central role in our communities by fulfilling banking needs that may not be otherwise available,” said Earl.

“We cannot serve an industry that generates several billion dollars in sales and tax revenues-the recreational cannabis industry- without substantial risk due to ongoing uncertainty over federal enforcement of the Controlled Substances Act. This has become not only a states’ rights issue, but an important public safety issue,” Earl added.

Without access to standard banking services, some of these companies have had to come up with alternative solutions and many are unable to undertake the most basic functions of successful businesses, such as paying vendors, employees and taxes, but instead have large amounts of money unsecured, unaccountable and at risk for abuse.

“The STATES Act would provide the certainty we need as financial services providers to service this growing industry and protect our members and the taxpayers of our states. This is a matter independent of the question of legalization of cannabis and is about ensuring the rights of states to fully implement the will of their voters,” noted Earl.

The MWCUA thanked the Senators and Representatives for their leadership in drafting the legislation and urged Congress to take swift action to address this matter and pass the STATES Act without delay.

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, 3.3 million credit union members and $41 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 about credit unions visit AsmarterChoice.org.


Canvas Helps Youth Get Real About Money

Local credit union hosts financial reality fair at Shiloh House.

LONE TREE, CO (April 8, 2019) –Canvas Credit Union recently hosted a financial reality fair for the youth of Shiloh House in Centennial, CO. The interactive event brought student financial literacy to life with fun and innovation.

“A reality fair is a unique opportunity for students to experience some of the financial challenges they will face when they start life on their own,” said Malcolm Johnson, Director of Public Relations and Community Involvement at Canvas Credit Union.

During the fair, each student received a folder detailing their personal information; specifically, their career choice and monthly gross income. They then calculated their net pay, created a monthly spending plan and progressed through multiple stations where they were required to make choices, like buying a house or paying rent, and purchasing a car (with insurance) vs. taking public transportation. Students also paid a visit to the “Fickle Finger of Fate,” where they were faced with either, the burden of an unexpected expense, or the benefit of a financial windfall.

Afterwards, students met with Canvas Credit Union consultants to review their financial choices and to talk about some of the harsh realities of surviving and thriving in the real world. Students who exceeded their budgets were asked to revisit the experience stations and to make adjustments to their monthly expenses.

“The goal was for each student to be “under-budget” after calculating income and expenses,” said Johnson. “At the end of the day, students learned about what it takes to make ends meet from month-to-month, and to have a better appreciation for the importance of budgeting and planning. Unlike a class, this experiential session helped students experience the difference wise financial choices can make.”

Canvas Credit Union makes use of the Mad City MoneyTM Kit, created by the Credit Union National Association (CUNA), to provide this reality fair experience at no charge. This event is a true money management experience and can be tailored for students of all ages, from children to young adults. If you would like to learn more about Canvas Credit Union, or hosting your own financial reality fair, please contact Malcolm Johnson, Director of Public Relations and Community Involvement, at malcolmj@canvas.org or 303-639-2560.

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About Canvas Credit Union (http://canvas.org)
Canvas Credit Union (Formerly Public Service Credit Union) is a safe and insured financial institution with more than $2.4 billion in assets and 243,000 members. Canvas provides a full array of financial products and services, including savings, checking, loans, mortgages, and online and mobile options. Serving Colorado communities for more than 80 years, Canvas currently has 26 branches.

About CUNA (http://cuna.org)
Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America’s credit unions. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.

Contact Information
Media Contact: Tansley Stearns, Chief People & Strategy Officer
Company Name: Canvas Credit Union
Email Address: tansleys@canvas.org



Canyon State Credit Union and Deer Valley Credit Union Announce Their Intent to Merge

(Phoenix, AZ) — Canyon State Credit Union and Deer Valley Credit Union have announced their intent to merge in 2019. This collaborative merger will be a joining of equal credit unions and not a buyout or acquisition of one credit union over the other.

This mutually beneficial merger would combine two cooperative financial institutions that share the same focus on community-based banking and similar core values. With votes in favor of the merger from their respective memberships, and regulatory approval, the credit unions would join their product lines, areas of service, and branch networks to provide greater selections and conveniences than previously offered as two separate entities.

“Our goal is to bring both memberships increased benefits with expanded services, products and locations,” said Deer Valley Credit Union CEO, Robb Scott. “We’ll also be able to offer more opportunities for our employees and continue to provide exceptional member service that members rely on from people they know and trust.”

Scott added that no employees would be laid off as a result of the merger and all branch locations from both credit unions would remain open, for a total of ten branches.

“Our industry is in a constant state of flux and with an increase in FinTech competition we recognize we’re better positioned to serve our members by combining resources,” said Canyon State CEO, Jane Dobbs. “This strategic partnership aligns our organizations for continued success and greater, more meaningful impact in the communities we serve.”

Canyon State and Deer Valley leadership teams are very optimistic about the merger of these two financially strong credit unions. The combined staff resources and what will be over $440 million in combined total assets will help ensure a prosperous future for both memberships.

Canyon State CU, formed in 1951, has 18,200 members and 61 employees with 4 full-service branch locations and 2 satellite locations. They serve 108 zip codes in Phoenix, Tucson, and Payson areas.

Deer Valley CU, formed in 1971, has 18,500 members and 77 employees with 4 branch locations. They serve 107 zip codes in the Phoenix and Prescott areas.

Members of both credit unions are encouraged to stay up-to-date on the merger at canyonstatecu.org and deervalleycu.org.

About Canyon State Credit Union: Canyon State Credit Union is headquartered in Phoenix and has been serving the people of Arizona for more than 67 years with branch locations in Deer Valley, Goodyear and Phoenix, as well as Payson, AZ.   Canyon State is open for membership from anyone who lives, works, or worships in several zip codes within Arizona, as well as anyone who works for the credit union’s designated Select Employee Groups (SEGs).

About Deer Valley Credit Union: Deer Valley Credit Union is a not-for-profit financial institution that has provided financial solutions for members throughout Arizona and beyond for over 45 years. Our success is built by the support of our member-owners, the openness of our field of membership, the desire to provide world-class products, services and technology as well as our financial strength. DVCU is community-based and locally focused, with four locations within the north and northwest Phoenix area that serves the Valley of the Sun as well as the Verde Valley. Find more information about what makes DVCU different at deervalleycu.org.


Lenore Froehlich



Jennifer Wade





4.5.2019 Regulatory Compliance Newsletter

  • HMDA Modified LARs Released
  • Registration Open for CURE Initiatives Webinar
  • Ways and Means Committee Passes H.R. 1957, the Taxpayers First Act of 2019
  • InfoSight New Content: Prepaid Accounts