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Compliance Council Meeting
LSCU Compliance Council Meeting Agenda

9:00 a.m. - 9:15 a.m. Welcome / Opening Remarks

9:15 a.m. - 10:15 a.m. What’s Missing from Your Payments Audits?
Given by: Donna Ashworth-CEO, Payments First

FFIEC guidance states that financial institutions must evaluate payment risk practices regardless of their size. This guidance also specifies that an effective audit program should be in place and should be risk-based. The reality is the structure and sections of an effective audit program is similar regardless of the payment channel being audited. This talk will cover the content and a high-level review of each component. The presentation will specifically address ACH, Online Banking, Wire, and RDC. After attending this session, you will have a good understanding of the components of an effective risk-based audit program.

10:15 a.m. - 10:30 a.m. Break

10:30 a.m. - 11:30 a.m. P2P Fraud & Handling Disputes
Given by Ken Otsuka-CPA/Senior Consultant, Risk & Compliance Solutions-CUNA Mutual Group

Person-to-Person (P2P) payments is blazing hot with Venmo and Zelle leading the way, but it also happens to be to be the hottest fraud trend as fraudsters rush to take advantage of the instant payoff by targeting credit unions and their members. This session will provide an overview of P2P fraud impacting credit unions and their members to include:
• A detailed description of the Zelle/P2P fraud scam
• Account takeovers of member accounts via P2P
• Overview of Reg E’s prepaid account rule
• How Reg E’s error resolution applies to P2P apps subject to the prepaid account rule.

11:30 a.m.-11:45 a.m. Compliance Council Open Discussion: What is keeping you up at night?

12:00 p.m. Adjourn

Sep 23, 2021 09:00 AM in Eastern Time (US and Canada)

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