CDCUs Get BSA, Low-Cost ATM Training - National Federation of Community Development Credit Unions

(December 5, 2007 – New York, NY) The National Federation of Community Development Credit Unions (Federation) recently hosted an evening of training for its New York & New Jersey Community Financial Network (NYCFN), which included community development credit unions (CDCUs), faith-based credit unions, and even an organizing group from Long Island City, Queens. Participants in attendance participated in an NCUA-required Bank Secrecy Act (BSA) training and learned about a low-cost ATM program called ATM Complete.

Meagan van Harte presenting during the recent BSA training at the Federation's offices.

Long-time CDCU practitioner and former compliance officer, Meagan van Harte, who currently heads a Bergen, NJ credit union organizing group, led the BSA training, which in recent years has become an NCUA requirement for credit union board and staff. During the training, van Harte highlighted many of the most important aspects of BSA compliance and emphasized training as essential in meeting the requirements of the regulators.

During the training, Van Harte addressed specific BSA issues particular to small credit unions such as the requirement for independent audits. Her recommendation that CDCUs share resources and work collectively to save money on independent auditors resonated with the credit union practitioners who met her suggestions with nods.

She also took the opportunity to stress that “BSA is becoming ever more important for NCUA, and it is vital for small credit unions to show a dedication to providing their staff with the necessary education and training required.” Training the Federation offers both in sessions like this one, and as part of its yearly week-long CDCU Institute™.

Credit unions in attendance also learned about a low-cost ATM machine service already being used by some local CDCUs such as Bethex FCU in the Bronx. Greg Card, Syracuse Member Services CUSO President, spoke about ATM Complete, which he called a “truly complete full-service package that provides credit unions with the machines, the network, and the servicing for one low price.” Using this service, Card said, would also make it easy for the credit unions to create a network of surcharge-free ATMs at CDCUs in the New York area.

The training was hosted at the Federation’s new offices at 116 John Street in Manhattan’s Financial District. For additional information about Federation trainings visit our events calendar, or contact Daniel Apfel, at dapfel@cdcu.coop, or (800) 437-8711, x220.