By Amy Kleinschmit, Director of Compliance

CU Policy Pro just released their semi-annual update.  This update includes two new policies, specifically Policy 1530 – Social Media and Policy 6115 – Concentration Risk.  The update also revised twenty-three policies.  Please reference the “Summary of Changes” document at the below link which indicates if the revision was required, such as due to a regulatory change, or if the revision is a recommendation or optional.  A policy on international remittance transfers had been expected; however, CU Policy Pro is delaying its release until proposed changes to the rule are finalized.

REMEMBER!! Updates are only made to your “master manual” to avoid overwriting any tailored content in your “working manual.”  The tracked changes for each update can be found in the library section of the online manual.  Credit unions have a few options available to incorporate these revisions into your “working manual,” or in other words your adopted policies. You may:

1.        Do nothing and leave your Working Manual as is (usually only if the update does not apply to your credit union, or you are not currently using the policy)

2.        Remove the policy from your Working Manual and bring in the updated policy in its entirety (usually if your working manual version has little or no customization, or if the updates were very extensive and it would be easier to start with the updated content and re-customize for your credit union)

3.        Use the redlined version as a guide and manually incorporate the updates into your Working Manual version (usually if the updates were very minor, or if your working manual version is heavily customized and it would be less work to manually add the updates rather than re-customize the policy)

Resources:

Summary of changes: http://www.cusolutionsgroup.com/files/cusg2011/15/file/Pro%20Products/Update%20Documents/Overview_2013.pdf

Directions on how to incorporate model policy updates into the working manual: http://www.cusolutionsgroup.com/files/cusg2011/15/file/Pro%20Products/Update%20Documents/CU%20PolicyPro%20Update%20Tutorial.pdf

Webinar to update manual: http://www.cusolutionsgroup.com/CU-PolicyPro-Semi-Annual-Updates-Training-1282.html

New to CU Policy Pro? If your credit union has not signed-up for CU Policy Pro yet, request an account right now. CU Policy Pro is a policy manual that provides credit unions access to over 200 current sample policies in addition to features such as an online policy manual, monthly OPS notes, semi-annual updates, operation tools and on-line training. These policies are developed and written especially for credit unions by legal and financial experts. This is a dues supported benefit of membership. Visit our website, www.cuad.coop and “sign-up for policy manual” under Compliance – Services & Products.

If you need help accessing/requesting a manual, or if you have any questions or concerns on this or any other compliance topic, please do not hesitate to contact Amy Kleinschmit at akleinschmit@cuad.coop or 701.214.9721.