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CU PolicyPro Operations Manual Semi-Annual Release 2008.1 June/July 2008. Presenters: Veronica Madsen – General Counsel Mary Ann Koelzer – Technical Product Manager. Revised Sections. 1150 – Field of Membership
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Veronica Madsen – General Counsel
Mary Ann Koelzer – Technical Product Manager
Policy was amended to add in verification of membership eligibility information and the “once a member, always a member” information.
Election procedure information was added along with a new key field variable.
New title: “Compensation, Reimbursement and Indemnification.” Information regarding indemnification was added.
Education and training guidelines that were contained in the old “Compensation and Reimbursement” policy was made into a separate, new policy.
Policy was amended to include the specific audit requirements associated with credit union asset size.
New definitions and the required content of both the annual privacy and opt out notices were added.
An additional line was added in the training subsection to reflect the training requirement for board and committee members.
Two new contingency considerations were added.
Share insurance and record retention considerations were added.
The wording of this policy was amended to reflect “must” and “will” instead of “should.”
Policy was amended to include: requirements for excess share insurance; additional member education content; the official sign; and advertising rules.
Policy was renamed “Share Draft Accounts,” and a reference to the overdraft protection policy was added.
Substitute check information was added to this policy.
Additional information was included in this policy, including a new section on the advertising requirements.
A new subsection related to bonding was added to this policy.
Information related to cash transferred by armored car, the procedures for verifying the identity of visitors and closing procedures were added to this policy.
This policy was re-formatted to reflect the other policies in the PolicyPro Manual. Additionally, policy was amended to reflect “must” and “will” instead of “should.”
Addition robbery recommendations were included in this policy.
New policy was created to meet the regulator requirements for information security.
Additional information added for liability management and liquidity crisis mechanisms.
Additional information on approving issuers and non-conforming investments was added to this policy.
Additional information regarding what will be examined in a broker-dealer due diligence review was added to this policy.
Policy was amended to reflect additional information regarding the monitoring of non-security investments.
A new subsection on due diligence considerations was added to this policy.
Information regarding aggregate and individual investment type limits was added to this policy.
Additional information was added to both the authorized and unauthorized investments subsections.
This new policy reflects NCUA Letter to Credit Unions No. 150 related to this topic was created in response to a credit union’s request.
Information, including the types of discrimination, was added to this policy.
Additional information required by Regulation B was added to this policy.
Added footnote related to credit decisions made by credit committee
Added footnotes related to loan limitations
Policy was amended to reflect the required disclosures whenever loan insurance products are advertised.
Policy was amended to define “insiders.”
Policy was amended to reference the General Lending Policy.
The issues pf forced-placed insurance, delinquency and repossession were added to this policy.
Policy was re-written to reflect the guidance and that that this account benefit will not be advertised (requiring additional disclosures).
Policy was amended to reflect the revision to Regulation Z regarding the electronic delivery of disclosures.
Policy was amended to reflect the revision to Regulation Z regarding the electronic delivery of disclosures, as well as the addition of the general disclosure requirements.
The Truth-in-Lending disclosures subsection was amended to reference both the closed-end and open-end disclosures policies.
Requirements for loan approval and when draws will be disbursed was added to this policy.
Information regarding aggregate and individual investment type limits was added to this policy, as well as new secondary market standards. policyNCUA Letter to Credit Unions No. 124 guidance was added to this policy.
Policy was amended to reflect the additional policies that were added to this section. The listing of loans on this policy was deleted and replaced by a key field for purposes of customization.
Information contained in NCUA guidance was added to this policy regarding: due diligence, loan limits, loan authorization, dealer reporting information, dealer contract information and dealer controls.
The documentation requirement was added to this policy.
The issues of the various notices, bankruptcy and legal action were added to this policy.
Additional requirements from Regulation B were added to this policy.
Additional information related to obtaining the debtor’s location and the validation of debts was added to this policy.
Extensive changes were made to this policy. Additional information from Regulation Z was added.
Policy was amended to include unfair contract provisions, unfair or deceptive practices against co-signers and unfair late charges.
Information related to reported information and when LARs must be filed were added to this policy.
Extensive information was added to reflect the provisions of RESPA.
Amendments were made to the penalty subsection for violations of this Act.
Because this policy is already contained within the manual that includes all of the requirements of the BSA, this policy was deleted from the Section 9000 policies.
Policy was amended to include additional information from this Act.
Policy was amended to reflect the current asset threshold reserve and reporting qualifiers, as well as the current reserve requirements.
Policy was re-written to reflect NCUA Part 707 (Truth in Savings) requirements.
Policy section on employment requirements was re-written, and now includes the addition of public accommodation requirements reflecting credit union obligations to the general public.
Extensive amendments were made to this policy to reflect the requirements of the FACT Act.
Policy was revised to include the various reporting requirement reflected in the FACT Act.
Policy re-named to clarify that it relates to pre-screened offers. Information related to the requirements for providing pre-screened offers of credit was added to this policy.
Entire policy was reorganized and additional information added.
Policy was re-written to reflect the credit union’s duties when a notice of dispute is received.
Policy was re-written to reflect the disclosure requirements related to home loan applications.
Policy was re-written to reflect the credit union requirements and process for disclosing transaction information alleged to be the result of an identity theft.
Policy was re-formatted to reflect the format of the other policies in the PolicyPro Manual.
3. Click the Open button to open your Manual
4. Archive any existing sections that have been revised in the update.
5. To do this locate the desired section in the table of contents on the left side of the screen.
6. Click on that section and then click on the Move to Archive button located at the bottom of the Table of Contents
7. Once you have archived any desired sections you are now ready to add the new and revised sections from the Semi-Annual Update.
8. To do this click on the OPS Master manual as seen below
9. Locate the desired section to add into your manual. When you click on the section and the text populates the word processor, click on the Add Selected button at the bottom of the Table of Contents
Directions to Archive in MS Word
For instance, to add new policy 6220 (Non-Deposit Investment) go to the section prior to where the new policy will reside. In this case that would be Section 6210 so place the cursor at the end of the section. Minimize the window when you have done so.
Place cursor at the end of the section prior to where the update will go
2. Open the new policy, place your cursor at the beginning of the policy and click CTRL+A to highlight the entire page. Once it has all been highlighted as below go to the Edit Menu and choose Copy. Minimize the window.
3. Go back to your Operations Manual go and choose Paste from the Edit menu or by using the right click function. This will paste the new policy into the spot that you designated in step 1.
4. Go to the beginning of the new policy, place your cursor directly above it (just above the dividing line of the title).
Between the end of the old policy and the beginning of the updated or new policy
5. Next, go to the Insert Menu and choose Break. In the dialog box click the radio button next to Next page under Section break types and then click the OK button.
6. This will move the new policy to a new section page.
7. Go to the footer of this page by scrolling down to the end of the first page of that section. You will notice that it shows the previous section’s title and page number.
8. To change this to the new section double click right on top of the footer. The header/footer toolbar will appear.
9. Click on the icon in the header/footer toolbar that reads Link to Previous when you place your cursor on it.
10. Click on this icon once so that it is no longer highlighted in orange. The footer for the new/updated section is now independent of any other footers.
11. Now highlight the section name in the footer
12. Type in the name of the new section. Next, go to the far right of the footer and change the section number ONLY to the new section number (do not change Page or the -1 after as the page number format does not need to change). Click the Close button on the Header and Footer toolbar when finished.
13. If you are adding in additional new or revised sections into your manual just follow the above steps. Once you have made all your changes, save the manual.
If you have any questions regarding the information that was presented today please feel free to contact us.
(800) 262-6285, x461
Mary Ann Koelzer
(800) 262-6285, x581
(800) 262-6285, x586