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CCUL Audit Department expands offerings to include Reg E, Wire Transfer Audits

Wednesday, November 7, 2018   (0 Comments)
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Committed to aiding the success of its credit unions, the Carolinas Credit Union League's Audit Department has expanded its service offerings to include Regulation E Audits and Wire Transfer Audits.

Reg. E is currently a hot button topic for the NCUA and an ongoing threat to all financial institutions with repercussions to include expensive legal fees, fines, and possible imprisonment. To help credit unions avoid costly regulatory violations, CCUL's Reg. E Audit will verify that policies, procedures, and the process from a member's initial knowledge of a lost or stolen access device or unauthorized account activity until the final resolution meets regulatory standards set by the Electronic Funds Transfer Act. 

The FFIEC Wholesale Payments Manual requires financial institutions to conduct periodic independent review of funds transfer operations. CCUL's Wire Transfer Audit will determine whether the policies, procedures, and internal controls regarding wire funds transfer are adequate. This audit can be scheduled in conjunction with other audits, such as BSA/OFAC and ACH Audits.

"Our team is prepared to offer our credit unions the peace of mind that they are not only providing the best and most efficient service to their members, but also protecting themselves," said Director of Audit Services LaDawn Atkinson. 

For more information on audit services, please contact LaDawn Atkinson or Senior Auditor LeVar Anderson today!


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