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Opening Member Accounts Online

Opening accounts online is a major convenience for members, and it creates efficiencies for credit unions. Unfortunately, from a compliance perspective, it is also riddled with pitfalls. Learn how to control risk without sacrificing new member convenience.

OnDemand
Recorded Wednesday,
August 3rd, 2022
Presented by Gaye DeCesare
1h 30m total length
$195.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • BSA
  • Compliance
  • Deposit Accounts
  • Deposit Operations
  • Risk Management/Legal
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist

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Opening accounts online is a major convenience for members, and it creates efficiencies for credit unions. Unfortunately, from a compliance perspective, it is also riddled with pitfalls. Your Bank Secrecy Act compliance risk escalates when a new member comes to your credit union through the Internet instead of in-person. There are also regulations like Truth-in-Savings and Privacy that require disclosures at account opening that need to be considered.

You must take care to minimize compliance and fraud risk when you open new member accounts online. Let compliance expert Gaye DeCesare give you the guidelines that should be included in your policies and procedures to control your risk without sacrificing new member convenience.

What You'll Learn

  • Accepting electronic copies of identification
  • Rule changes for checking OFAC, CIP, and CDD
  • When you should, and must make new deposit funds available
  • When and how to provide required disclosures
  • How ESIGN affects your online opening procedures

Who Should Attend

This webinar will benefit credit union professionals who open or manage accounts online.


Gaye DeCesare

Instructor Bio

Gaye DeCesare joined CU Service Network as Vice President of Compliance in April, 2017, with the company’s acquisition of COMPASS 4 CUs. She had served as the President/CEO of that organization since its inception in 2010. Prior to that, she held positions with Belvoir Federal Credit Union (2005-2015) and State Department Federal Credit Union (1984-2005).

Specializing primarily in compliance for more than 25 years, she served on the NAFCU Compliance Standards and Practices Commission that developed the NCCO certification program and is a founding member of both the Capital Area Compliance Roundtable and regional BSA Compliance Roundtable. Gaye is also a current member of Global Women's Leadership Network (GWLN), which connects and empowers credit union women from around the world.

Gaye was among the first in the nation to earn the designations of NAFCU Certified Compliance Officer (NCCO) and CUNA Credit Union Compliance Expert (CUCE) when the programs were introduced in 1997 and 2000, respectively. In addition to holding NCCO and CUCE designations, she is also a certified Bank Secrecy Act Compliance Specialist (BSACS).

Gaye is a nationally-known speaker, having presented to credit union organizations at the federal, state and local levels.