Through this audio, you will:

• Identify what to include in your policies and procedures
• Learn how to create a disclosure or an addendum to your membership agreement
• Identify the ACH risks this presents for credit unions
• Examine how to avoid risks to your card program
• Discover what to watch for if you accept bank wire requests over the Internet
• Learn how to train your staff on the requirements of this new regulation

Why should you prepare your credit union?

In 2008, the Department of the Treasury and the Federal Reserve Board issued a final rule to implement the Unlawful Internet Gambling Enforcement Act (UIGEA). The mandatory compliance date is June 1, 2010 (formerly December 1, 2009).

The following five payment systems are affected by the regulation are:

• Automated clearing house systems (ACH)
• Card systems, check collection systems, money transmitting businesses
• Wire transfer systems

Here's what you need to know for the June 1, 2010 deadline:

• Your credit union must have policies and procedures in place that demonstrate that you are exercising risk-based due diligence when opening "commercial accounts" to prevent illegal Internet gambling operations from setting up accounts at your credit union.

• Your credit union must also have policies and procedures to prevent credit/debit card transactions from being made to unlawful Internet gambling operations, and may rely on those developed by the card system operators to block prohibited transactions. The rule provides a safe harbor to anyone who identifies and blocks a transaction under any of the following circumstances: it is restricted, the participant believes it is restricted, or it is blocked in reliance on the policies and procedures. The NCUA will enforce the rule for all federally insured credit unions. The Federal Trade Commission (FTC) will enforce the rule for privately insured state chartered credit unions.

CUNA archived events enable staff to pick up new skills and keep up with daily responsibilities. Hearing the archived audio conference will enable you to hear a presentation, questions of the instructor, and refer to handouts. You need only a computer with an Internet connection and speakers. The archived event is made available within 48 hours of the live event. Please note: The same username and password you use to register will be used to access your archived event.

This audio was offered live on
May 27, 2010

Access this archived audio

This audio conference is beneficial for compliance staff, CEO, directors, management, and anyone at your credit union involved in ACH, card systems, check collection, and wire transfer systems.

Affiliation with CUNA/League is required for attendance.

Valerie Moss

Valerie is director of compliance information for CUNA Regulatory Affairs in the Washington, DC office. Valerie works closely with CUNA’s Publications and Web Services Departments to deliver useful and accurate compliance information in a user-friendly format to CUNA’s members. She is the editor of both Credit Union Magazine’s Compliance Matters and CUNA’s e-Guide to Federal Laws and Regulations.

Ann Davidson

Ann is the credit union protection product expert for CUNA Mutual Group in Madison, Wisconsin. Ann is responsible for the development of policies, guidelines and procedures for all products and value-added services of Credit Union Protection. She also obtains company information on claims, underwriting, risk management and outside vendors (ie: card processors, card companies) as it relates to products and services.

The last day for cancellations was May 19, 2010. Substitutions are accepted anytime prior to the start of the program at no additional cost. Simply fax event and contact information, listing the new participant and who they will be replacing. Cancellation fees do not apply for free or complimentary programs.