Sunday, February 16, 2020

Washington CU Regulator Releases 2020 Examination Focus

The Washington Division of Credit Unions released its examination focus for 2020.

The state credit union regulator dropped the following areas from its 2019 examination focus -- Internal Controls & Fraud Prevention and Interest Rate Risk.

The state regulator added Business Continuity/Disaster Recovery Testing to its 2020 focus.

Other areas that the state credit union regulatory will target include Cybersecurity, Compliance with Consumer Protection Laws, and Liquidity.

Under Compliance with Consumer Protection Laws, the state regulator will examine consumer complaint processing, Bank Secrecy Act, Regulation E (Electronic Funds Transfer Act), Regulation CC, and Equal Credit Opportunity Act.

Read the Bulletin.

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