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CUNA updates training with new reg provisions

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MADISON, Wis. (8/23/10)--The Federal Trade Commission has estimated that nine million Americans have their identities stolen each year. To help credit unions become more educated on fraud, the Credit Union National Association has updated its Identity Theft Red Flags Training on Demand to incorporate this year’s regulation changes. With “Identity Theft: Red Flags Training on Demand,” participants will learn to:
* Recognize the consumer safety goals of the Fair and Accurate Credit Transaction Act; * Define and describe the four elements of the Red Flags rules; * Describe how to address discrepancies; and * Explain how extended fraud alerts and active duty alerts help to protect members from identity theft.
Training on Demand is a downloadable, video training tool with a 30- to 45-minute expert presentation on credit union topics. It also includes five online exams. CUNA also has incorporated 2010 regulation changes into its CPDOnline RegTraC courses.

New Seminar in a Box focuses on Reg D

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MADISON, Wis. (8/23/10)--Credit union employees can receive information about Regulation D with a new Credit Union Seminar in a Box from the Credit Union National Association. Regulation D addresses reserve and reporting requirements for credit unions, banks and thrifts, by directing Federal Reserve banks to pay interest on certain balances held by or on behalf of depository institutions and allowing for the establishment of excess balance accounts at reserve banks. Under the rule, required reserve balances maintained by depository institutions that are not eligible to earn interest themselves on behalf of an eligible institution (a respondent) will accrue interest--which must then be passed back to the respondent. However, excess balances that are maintained by “ineligible” correspondents on behalf of a respondent will not earn interest. Regulation D Seminar in a Box provides credit union staff with a definition of a transaction account and deposit account, and how to calculate the six-transfer limit. The seminar will give staff the materials needed to plan and execute a 10-minute exercise or a one-hour staff workshop. Credit unions can provide the seminars at branch meetings, credit union meetings, department meetings or training sessions. Each seminar includes:
* Exercises to reinforce the skills learned; * Conversation starters and discussion points to relate the content and concepts presented to your credit union; * Definitions, guidelines, tips, tools and benefits for all the skills taught; * Action plans for using the skills taught; and * A recommended reading list to reinforce the skills learned.