7.26.2019 Regulatory Compliance Newsletter

  • Joint Statement on BSA/AML Supervision Issued
  • NCUA Finalizes Appraisal Rule and Fidelity Bonds; Proposes “Second Chance IRPS”
  • Equifax to Pay $575 Million as part of Settlement with FTC, CFPB and States Related to 2017 Data Breach
  • Reminder: Dialogue with NCUA Western Region Regional Director Cherie Freed – Denver & Cheyenne
  • Reminder: Dialogue with Colorado DFS Commissioner Mark Valente

New Webinar to Address Reg CC Changes

On Monday, August 5th plan to participate in the webinar Recent Reg CC Changes: Deadlines, Details, Compliance.  The CFPB and the Federal Reserve Board jointly published amendments from June 24, 2019 to Regulation CC that will adjust for inflation the amount of funds depository institutions must make available to accountholders.  The compliance date for the adjusted amounts is July 1, 2020; however, certain technical amendments go into effect 60 days after publication in the Federal Register.

With systems to update, disclosures to change, and staff to train, those deadlines will be here before you know it!  Join us to ensure proper preparation, implementation, and deadline compliance.  You will be provided with a treasure trove of tools and examples to make these changes smooth sailing.  Click here for full program details and registration, as well as information on what’s included in the Take-Away Toolkit.

7.19.2019 Regulatory Compliance Newsletter

  • Dialogue with NCUA Western Region Regional Director Cherie Freed
  • Dialogue with Colorado DFS Commissioner Mark Valente
  • Accounts for Hemp Businesses
  • CFPB Issues New Advisory for Reporting Elderly Exploitation
  • Six Things to Consider When the Government Wants Their Money Back
  • FinCEN Advisory on FATF List
  • Top 10 Things Every Compliance Officer Should Know by Learning from Others’ Mistakes
  • InfoSight Channel Update – ACH

 Tara Tocco, Auditor at Hughes, Wins National Award for Excellence in Service

Tucson Ariz.,– July 9, 2019 – Hughes Federal Credit Union’s Internal Audit Manager Tara Tocco received the 2019 Randy Manscill Excellence in Service Award from the Association of Credit Union Internal Auditors (ACUIA) at its recent annual meeting in Denver, Colorado. Tocco was also elected to the organization’s board of directors.

The ACUIA is recognized as a premier provider of education and resources to credit union internal auditors, risk managers, compliance officers, and audit/supervisory committee members. Tocco’s award was in recognition for her outstanding volunteer contributions to the ACUIA that helped increase its chapter base from 18 to 28 states.

“Tara Tocco demonstrates her commitment to professional excellence in her daily work and through her ACUIA volunteer activities,” said Robert J. Swick, president/general manager. “We are so pleased she received the recognition and are proud to have her as an integral part of our team.”

Tocco serves as an ACUIA board liaison to the regional directors and chapter coordinators. She is also a board liaison to the social media committee responsible for increasing ACUIA’s presence on Facebook and LinkedIn.

“I am very honored by the award and look forward to continuing to serve an organization that does so much to support credit union professionals across the country,” said Tocco.

About Hughes Federal Credit Union 

Established in Tucson in 1952, Hughes Federal Credit Union has $1.2 billion in assets and nearly 130,000 members. Hughes is rated as one of the best in-state credit unions in Arizona by Forbes for the second year in a row, has a Bauer Financial five-star superior rating, and is rated “A+” and has been accredited by the Better Business Bureau since 1974. The credit union is federally insured by the National Credit Union Administration. For more information, visit HughesFCU.org or follow Hughes at Facebook.com/HughesFCU and on Twitter.com/HughesFCU.



Kellie Terhune Neely

VP Marketing





Announcing IRA School Registration Now Available

If you or someone at your credit union needs to receive training on IRAs, this is the class for you. Taking place in Denver on October 23-24, 2019 and in Phoenix on November 5-6, this is the only in-person IRA Training available to members this year. You can register for one day or for both days.

IRA Essentials: October 23, 2019 (9am – 4:30pm)
IRA Essentials course will give attendees a solid foundation of IRA knowledge This is a beginner’s session; no previous IRA knowledge is assumed. Attendees should bring a calculator to class.

Advanced IRAs: October 24, 2019 (9am – 4:30pm)
Advanced IRAs builds on the learners’ knowledge of IRA basics to help them address some of the more complex IRA issues they handle at the credit union. This is an advanced session; previous IRA knowledge is assumed. You’ll walk away with an overview of hot topics, regulatory updates and proposed regulations and the knowledge of how to address these regulatory compliance changes in your credit union.

Pricing: $229 per day or $418 for both days (includes instruction, materials and lunch)

Presenter: Chad Neumann, Senior Training Consultant, Ascensus, Inc.

If you need help defraying registration fees and travel/ lodging costs, please remember you can always apply for a Professional Development Scholarship. Click here to apply.

Click below for program information and to register:
Oct. 23-24 IRA School – Denver, CO
Nov. 5-6 IRA School – Phoenix, AZ

7.12.2019 Regulatory Compliance Newslettre

  • OFAC Reminder of Blocked Property Reporting
  • Currency with Stamped Image of Harriet Tubman Appearing in Circulation
  • Overdraft Rule is Helping Consumers, State AGs tell CFPB
  • IRS to Allow SSN Truncation on W-2 Forms
  • Reg CC Final Rule Explained – CUNA Compliance Community Blog
  • Channel Update – Flood Insurance

Premier Members CREDIT UNION ELECTED as Forbes’ top FIVE best-in-state credit unions 

Boulder, Colo. (July 2, 2019) – Premier Members Credit Union has been voted as one of the top five best credit unions in Colorado, according to a recent survey by Forbes that included more than 25,000 customers in the United States.

Financial institutions were scored on overall recommendations and satisfaction, as well as five subdimensions including: trust, terms and conditions, branch services, digital services and financial advice.

The Forbes recognition adds to the growing list of awards and honors Premier Members Credit Union has received within the past year:

  • Premier Members Credit Union was the recipient the Mountain West Credit Union Association’s (MWCUA) Community Impact Award, highlighting the credit union’s employee volunteer programming.
  • Premier Members was announced as Kiplinger’s Top Checking Accounts in 2019, and received national recognition by S&P Global as the Top 50 Best Performing Credit Unions in the nation.
  • Premier Members was named among DepositAccounts Top 200 list of Healthiest Credit Unions in the United States for 2019.  Premier Members Credit Union achieved an “A+” health rating in the 2019 DepositAccounts financial health study, making the credit union one of the healthiest NCUA-insured credit unions in the United States.

About Premier Members: Premier Members Credit Union is a not-for-profit financial institution dedicated to providing financial solutions to individuals and businesses in Colorado’s Front Range. With more than 73,000 members, $1.1 billion in assets, 13 retail branch locations and four locations in area high schools, PMCU is a leader in the credit union industry. In addition to being at the forefront of the industry in sustainable business practices, PMCU takes pride in giving back to the communities it serves, supporting a wide variety of activities and fundraising events for charitable organizations like United Way, Realities for Children of Boulder County, Impact on Education and many more. To learn more, visit pmcu.org.

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Andrea Balazs, Corporate Social Responsibility
Premier Members Credit Union, 303.657.7304


Aventa Credit Union Announces New Chief Risk Officer/General Counsel

Colorado Springs, Colo. (July 1, 2019) – Aventa Credit Union recently named Patrick Harrigan as its Chief Risk Officer/General Counsel where he will be responsible for the safety and soundness of the credit union as it relates to legal matters and regulatory compliance. He will also oversee the BSA/AML and record retention functions.

Patrick Harrigan, Chief Risk Officer/General Counsel

Mr. Harrigan previously served as the Chief Risk Officer and General Counsel for Service Credit Union in Portsmouth, New Hampshire, for over nine years, supervising the Legal, Risk, Information Security, and HR/Education Departments, and served on its Board of Directors for five years.  Mr. Harrigan holds a B.A. in Economics from Brown University, a J.D. from the University of Maine School of Law, and a M.B.A. Finance from Plymouth State University, and is a N.A.F.C.U. certified compliance officer and risk manager.

About Aventa

Aventa Credit Union was founded in 1957 by the Colorado Springs Utilities Department. Today, Aventa has grown to more than 27,000 members and nearly $200 million in assets. The credit union offers a wide-variety of financial products and services throughout their branches in Colorado Springs, Pueblo and the San Luis Valley.


For More Information

Conner Shears

Marketing Coordinator