NEW YORK — The National Federation of Community Development Credit Unions (Federation) said it has introduced a new technical assistance (TA) program for credit unions that will feature a free TA hotline for Federation members, and has also established fee-based consulting services, which will be discounted for Federation members.
The Federation explained that the TA hotline, which will be offered free of charge to member CUs with assets below $10 million, can help small credit unions "prepare for an upcoming exam, address issues identified in a prior exam, develop policies or help with general trouble-shooting." Such topics might include: Bank Secrecy Act and Office of Foreign Asset Control compliance and risk assessment; Secure and Fair Enforcement for Mortgage Licensing Act requirements; Automated Clearing House annual audit requirements; supervisory oversight reviews and responsibilities; bi-annual member verification requirements; abandoned property/escheating compliance; and daily operations and accounting.
The TA Hotline number is 800-437-8711, ext. 224, and will be open on Tuesdays, 9 a.m. to 4 p.m. EDT. Ysemny Abood, the Federation's TA specialist, will staff the hotline.
Also, the Federation will offer fee-based TA consulting both to Federation member and non-member credit unions, covering the areas of reconciliation and accounting, compliance and audits; and annual supervisory audits.
