Products & Services News (04-20-12)

The Pulse (04-20-12)

April 20, 2012    ●    Volume 01, Issue 16

View 04-20-12 issue of The Pulse

Products & Services News

PolicyAid provides new compliance resources for CUs

As part of its ongoing commitment to provide credit unions up-to-date compliance resources, this month PolicyAid released several new policies and an informational white paper. These resources provide credit unions the information they need to stay compliant with ever-changing regulations.

All credit unions can download PolicyAid's free white paper "In Turbulent Times, Credit Union Policies Are Life Preservers.” This publication provides an overview of why complete and accurate policies are necessary for credit union operations. The paper notes that examiners operate under the premise that credit unions are up-to-date on all rules and regulations, which means they expect a credit union's policies and procedures to reflect current practices.

Through PolicyAid, credit unions can easily develop policies for new products, services and regulations. PolicyAid updates and amends policies on a quarterly basis based on regulations, Letters to Credit Unions, AIRES questionnaires and best practices. During the first quarter, PolicyAid added or updated the following policies:

  • Interest Rate Risk Policy (New)
  • Remote Deposit Capture Policy (New)
  • Loan Workout and Troubled Debt Restructuring Policy (New)
  • Allowance for Loan and Lease Loss (ALLL) Policy (Updated)

In addition, the following policies have been updated to reflect the transfer of supervisory and enforcement authority to the Consumer Financial Protection Bureau (CFPB) for various federal consumer protections laws:

  • Real Estate Lending Policy (Updated)
  • Real Estate Settlement Procedures Act Policy (Updated)
  • Appraisal and Evaluation Policy (Updated)
  • Truth In Lending Act Policy (Updated)
  • Equal Credit Opportunity Act Policy (Updated)

For more information about PolicyAid and to download the free white paper, visit the PolicyAid page of the Network website. With questions and to sign up for the product, contact MnCUN Vice President – Network Service Corporation John Ferstl by email or at (651) 288-5505.

Android support added to CO-OP My Deposit Mobile

CO-OP Financial Services is adding Android support to its CO-OP My Deposit Mobile service. This change means that credit union members can deposit checks to their accounts from their phones.

Adding the service "helps credit unions gain a competitive advantage because many financial institutions that have mobile products have not yet deployed a remote deposit function," said Stan Hollen, President/CEO of CO-OP Financial Services. He went on to state that the new functionality "also adds to a credit union's ability to offer convenient access to accounts for members, which is what all CO-OP products are designed to do."

For credit unions, the new product means they can better appeal to younger, tech-savvy members. For members, CO-OP My Deposit Mobile eliminates geographic restrictions and allows them to access their accounts anytime, anywhere.

The service is an add-on to CO-OP Mobile, allowing credit unions to capture, proof and clear digital check images submitted by members using their smartphones. The product has been available to iPhone users for more than one year.

The Android deposit function, which requires deployment of a new Android application, is available to credit unions immediately. It works similar to the iPhone function. Members take pictures of the check front and back, enter the amount, select the deposit account and upload the images. The interface design and navigation is similar to the Android's browser mode for CO-OP Mobile.

Discover today all that CO-OP Financial Services has to offer your credit union. For more information about CO-OP Financial Services, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.

Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034