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CUAnswers announces ERM strategy upgrade

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GRAND RAPIDS, Mich. (8/3/12)--CU*Answers, a Grand Rapids, Mich.-based credit union service organization (CUSO), is developing a full enterprise risk management (ERM) strategy to be built into its CU*BASE core data processing software.

The software update is being developed in conjunction with AuditLink, CU*Answers' auditing and compliance managed services division, and CU*Answers' internal writing team.

"Today, credit unions are being pressured by auditors and third parties to identify their ERM program," said Randy Karnes, CU*Answers CEO.  "The National Credit Union Administration wants credit unions to be able to demonstrate a grasp of portfolio risks and trends. We want to give credit unions the tools to drive down the cost of risk mitigation."

The update release is slated for this fall, and will include tools to monitor credit, interest rate, transaction, compliance, liquidity and concentration risks. 

CU*Answers also announced that its online data processing clients received the new 12.0 software upgrade for its flagship data-processing software, CU*BASE on July 22.  The upgrade is the second of three major software upgrades CU*Answers will deploy to its data-processing clients in 2012. It will deliver product enhancements to back office, management, member service and lending areas, said the CUSO.

CUANM in compliance partnership with PolicyWorks

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DES MOINES (8/3/12)--The Credit Union Association of New Mexico (CUANM) has partnered with the credit union compliance firm PolicyWorks to enhance its compliance services for member credit unions.

Through the partnership, the association will provide its member credit unions with a compliance hotline for regulatory questions and access to up-to-the-minute compliance news and information.

The compliance hotline, staffed by seven PolicyWorks attorneys and compliance officers, will provide member credit unions with e-mail and/or telephone answers to their questions on regulatory requirements, policies and general compliance inquiries.

Other benefits accessible to CUANM member credit unions include:

  • A monthly e-newsletter detailing compliance trends and issues;
  • Compliance bulletins requesting comment on proposed regulations and summarizing final regulations; and
  • Monthly frequently asked questions on hot compliance topics.
CUANM members also will have access to PolicyWorks' full suite of compliance services, available for an additional fee. Those services include:

  • Lending compliance services;
  • Bank Secrecy Act and SAFE Act independent testing;
  • Website compliance audits;
  • Full-scale compliance audit services;
  • Regulatory training; and
  • Marketing/communications reviews.

CMG MI Quarterly report on housing mortgage market

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SAN FRANCISCO (8/3/12)--The latest quarterly Housing & Mortgage Market Review issued by CMG Mortgage Insurance Co. (CMG MI) presents a U.S. housing market on the upswing and potentially past the bottom for both home sales and prices.

The report, written by economist Ralph DeFranco, University of California, Berkeley, analyzes key regional and national market data to support the view that leading indicators of home sales continue to trend upwards  and that growing pent-up demand, record affordability and a rapidly falling supply of houses for sale point to a sustainable turnaround in home prices.

Although the report cautions that the continuing European economic crisis may negatively impact the recovery, DeFranco writes that many of the frequently mentioned housing market concerns are overblown. He predicts that "the housing market rebound will be stronger than conventional wisdom is forecasting, at least in many markets."

The report also presents the latest Housing Appreciation Risk Index and a regional roundup of employment, delinquencies and house prices.

"CMG MI's Housing and Mortgage Market Review is a valuable tool for real-estate-lending credit unions," said Jill Estep, CMG MI senior vice president and co-general manager. "It delivers an expert analysis of the various data and makes sense of what's going on in the industry, especially at this crucial time."

To view the report, use the link.