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Don’t Miss Our Next Class Do’s and Don’ts of Being a CU Teller Date: Don’t Miss Our Next Class Do’s and Don’ts of Being a CU Teller Date: Time: Tuesday March 16, 2010 3: 30 PM-4: 45 PM Eastern Standard Time Understanding Self-Employed Taxes FOR MAKING CREDIT DECISIONS Date: Time: Tuesday April 13, 2010 3: 30 PM-4: 45 PM Eastern Standard Time

Today’s Facilitator Today’s Facilitator

Supervisory Committee Duties & Responsibilities Presented by ICUT Services Will begin in a few Supervisory Committee Duties & Responsibilities Presented by ICUT Services Will begin in a few minutes………….

Housecleaning Items ØDetailed Outline ØHold Verbal Questions ØUse the Chat Feature ØPolling ØPower. Point Housecleaning Items ØDetailed Outline ØHold Verbal Questions ØUse the Chat Feature ØPolling ØPower. Point ØComplete Class Survey ØSend Me an e. Mail? ? ? ØDoor Prize Winner

Today’s Agenda Define Supervisory Committee Ø Qualifications & Power Of Committee Ø Duties & Today’s Agenda Define Supervisory Committee Ø Qualifications & Power Of Committee Ø Duties & Responsibilities Ø Internal Review Program Ø Best Practices for CUs Ø Internet Scams, Fraud, Identity Theft Ø How To Manage The Committee Ø Open Mic Ø

What Is The Supervisory Committee? The Guard Dog or “Watchful Eye” The Audit Committee What Is The Supervisory Committee? The Guard Dog or “Watchful Eye” The Audit Committee “The committee that helps minimize the possibility of the credit union incurring any kind of loss. ”

How Does One Get On This Committee? Ø Appointed by the Board Of Directors How Does One Get On This Committee? Ø Appointed by the Board Of Directors - 1 may serve as director - 1, 2, or 3 year terms

Who Can Serve? Qualifications Ø Member In Good Standing (Shares & Loans) Ø Accounting Who Can Serve? Qualifications Ø Member In Good Standing (Shares & Loans) Ø Accounting Ø Non Accounting Backgrounds Ø Active & Cooperative Participant Ø Commitment To CU Ø

Structure Of Committee Ø Committee Size (3 -5) Ø Positions On Committee Ø Board Structure Of Committee Ø Committee Size (3 -5) Ø Positions On Committee Ø Board Representation

What Power Does Committee Have? Ø Access To All Records Ø Can Call Special What Power Does Committee Have? Ø Access To All Records Ø Can Call Special Membership Meetings Ø Removal Of Officers, Directors & CC Members

Duties & Responsibilities Ø Planning & Budgeting Ø Meet Regularly Ø Attend Board Meetings Duties & Responsibilities Ø Planning & Budgeting Ø Meet Regularly Ø Attend Board Meetings (? ) Ø Understand Financial Trends The CU’s Risks Ø Understand Ø Surprise Cash Counts

Duties & Responsibilities Ø Planning & Budgeting Ø Meet Regularly Ø Attend Board Meetings Duties & Responsibilities Ø Planning & Budgeting Ø Meet Regularly Ø Attend Board Meetings (? ) Ø Understand Financial Trends Ø Understand The CU’s Risks Ø Surprise Cash Counts

Understanding Financial Trends Ø Beginners: NAFCUNET. org / CUES. org / cu. School. com Understanding Financial Trends Ø Beginners: NAFCUNET. org / CUES. org / cu. School. com Ø Intermediate: / & Statistics) NCUA. gov (5300) CUNA. org (Research Ø Advanced: ALM Reports, FPRs (NCUA. gov), Journal of Accountancy (COSO)

Duties & Responsibilities Ø Planning & Budgeting Ø Meet Regularly Ø Attend Board Meetings Duties & Responsibilities Ø Planning & Budgeting Ø Meet Regularly Ø Attend Board Meetings (? ) Ø Understand Financial Trends The CU’s Risks Ø Understand Ø Surprise Cash Counts

Understanding CU Risks Credit Risk Ø Liquidity Risk Ø Interest Rate Risk Ø Compliance Understanding CU Risks Credit Risk Ø Liquidity Risk Ø Interest Rate Risk Ø Compliance Risk Ø Strategic Risk Ø Transactional Risk Ø Reputation Risk Ø

Duties & Responsibilities Ø Planning & Budgeting Ø Meet Regularly Ø Attend Board Meetings Duties & Responsibilities Ø Planning & Budgeting Ø Meet Regularly Ø Attend Board Meetings (? ) Ø Understand Financial Trends The CU’s Risks Ø Understand Ø Surprise Cash Counts

Surprise Cash Counts Cash Count Audit Review As of_______ Drawer #____ COINS: CHECKS: Pennies Surprise Cash Counts Cash Count Audit Review As of_______ Drawer #____ COINS: CHECKS: Pennies ________ Nickels ________ Dimes ______________ Quarters ______________ Halves _______ ____ Dollars ______________ CURRENCY: Ones ______________ Twos ______________ Fives ______________ Tens ______________ Twenties ______________ Fifties ______________ Hundreds _____________ Subtotal $ ____ Subtotal $____ Per Control $____ Difference $____ I, ________, owner of this drawer, certify that a member of the supervisory committee has counted all cash and checks in my possession as of __________. Signed__________ Time & Date Name of Teller

Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Ø Monitor Board Ø Review Bank Reconcilements Ø Work With Regulators & Follow-up Ø Confirm Account Closures

Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Ø Monitor Board Ø Review Bank Reconcilements Ø Work With Regulators & Follow-up Ø Confirm Account Closures

Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Ø Monitor Board Ø Review Bank Reconcilements Ø Work With Regulators & Follow-up Ø Confirm Account Closures

Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Ø Monitor Board Ø Review Bank Reconcilements Ø Work With Regulators & Follow-up Ø Confirm Account Closures

Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Ø Monitor Board Ø Review Bank Reconcilements Ø Work With Regulators & Follow-up Ø Confirm Account Closures

Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Ø Monitor Board Ø Review Bank Reconcilements Ø Work With Regulators & Follow-up Ø Confirm Account Closures

Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Duties & Responsibilities Ø Review Loan Files Ø Evaluate Internal Control Ø Account Verification Ø Monitor Board Ø Review Bank Reconcilements Ø Work With Regulators & Follow-up Ø Confirm Account Closures

Confirm Closed Accounts Dear Member: As a valued member that planned to closed your Confirm Closed Accounts Dear Member: As a valued member that planned to closed your account at the credit union we hope that you had a positive experience that you found our services of value. In an effort to improve our services, we would appreciate it if you would take a few seconds to respond to the survey shown below: How long were you a member? ______________ Why did you close your account? _____________ Would you ever join again? _______________ Did you know our policy is “once a member, always a member”? _____ Sincerely, Supervisory Committee

Duties & Responsibilities Ø Plan Annual Audit & Follow-up Ø Review Returned Mail Ø Duties & Responsibilities Ø Plan Annual Audit & Follow-up Ø Review Returned Mail Ø Confirm Collection Accounts Ø Confirm Death Claims Ø Maintain Visibility

Duties & Responsibilities Ø Plan Annual Audit & Follow-up Ø Review Returned Mail Ø Duties & Responsibilities Ø Plan Annual Audit & Follow-up Ø Review Returned Mail Ø Confirm Collection Accounts Ø Confirm Death Claims Ø Maintain Visibility

Confirm Collection Accounts Young & Young Law Firm 100 Best Way Nocandu, Nebraska 08066 Confirm Collection Accounts Young & Young Law Firm 100 Best Way Nocandu, Nebraska 08066 Dear Mr. Young: On behalf of the supervisory committee for the ABC Federal Credit Union, I would like to confirm what credit union accounts have been forwarded to you for collection during the past twelve months. As part of our confirmation we would like to know the following information: ACCOUNT NAME DATE RECEIVED ORIGINAL LOAN BALANCE CURRENT BALANCE STATUS Again, we only need this information for accounts that you received between July 1, 20 XX and the date of this letter. Please forward all responses to this request to: John Doe c/o ABC FCU 12 Wayward Road Nebraska City, Nebraska 08065

Duties & Responsibilities Ø Plan Annual Audit & Follow-up Ø Review Returned Mail Ø Duties & Responsibilities Ø Plan Annual Audit & Follow-up Ø Review Returned Mail Ø Confirm Collection Accounts Ø Confirm Death Claims Ø Maintain Visibility

Confirm Death Claims CUNA Mutual Insurance P. O. Box 1084 Madison, WI 53701 ATTN: Confirm Death Claims CUNA Mutual Insurance P. O. Box 1084 Madison, WI 53701 ATTN: Death Claims Dear Claims Department: On behalf of the supervisory committee for the ABC Federal Credit Union, I would like to confirm what death claims have been presented to you for the credit union during the past twelve months. As part of our confirmation we would like to know the following information: CU EMPLOYEE SUBMITTING CLAIM MEMBER ACCOUNT NAME AMOUNT OF CLAIM DATE CLAIM WAS SUBMITTED STATUS Again, we only need this information for claims that you received between July 1, 20 XX and the date of this letter. Please forward all responses to this request to: John Doe c/o ABC FCU 12 Wayward Road Nebraska City, Nebraska 08065

Duties & Responsibilities Ø Plan Annual Audit & Follow-up Ø Review Returned Mail Ø Duties & Responsibilities Ø Plan Annual Audit & Follow-up Ø Review Returned Mail Ø Confirm Collection Accounts Ø Confirm Death Claims Ø Maintain Visibility

Internal Review Program The Supervisory Committee is the audit committee for the ABC Federal Internal Review Program The Supervisory Committee is the audit committee for the ABC Federal Credit Union. In that capacity, the committee will engage in regular activities that are intended to monitor the overall operation of the credit union. The structure of this committee will be compliant with the Federal Credit Union Act and the bylaws of the ABC Federal Credit Union. Accordingly, the committee will be responsible for the following:

Internal Review Program Ø Report all committee activities to the board of directors Ø Internal Review Program Ø Report all committee activities to the board of directors Ø Maintain minutes for all committee meetings. Ø Annually review the internal controls Ø Annually follow-up with Supervisory Committee audit findings Ø Annually follow-up with NCUA examination findings Ø Annually review the credit union’s strategic business plan. Ø Quarterly perform surprise cash counts. Ø Quarterly perform verification of deposits in transit Ø Quarterly perform a review of teller activity. Ø Quarterly review negative share report. Ø Quarterly review a sample of loan files for compliance. > Monthly to monitor board activity

Identity Theft (Ijacking) It is the use of another person’s identification, credit, or other Identity Theft (Ijacking) It is the use of another person’s identification, credit, or other data that involves fraud or deception, and economic gain is realized in the name of the victim. Unlike fingerprints, that are unique to each individual, personal data, like social security numbers, bank accounts or credit card numbers, telephone calling card numbers and other valuable identifying data can be used.

Identity Theft On The Rise Recent reports put the numbers of ID Theft at Identity Theft On The Rise Recent reports put the numbers of ID Theft at 9. 9 million per year… Insurance Journal January 2010 – 5% of the adult population in America –Cost $50 billion annually. – 1 out of 4 Americans fall victim to ID Theft. – 1000 cases of ID Theft occur each day.

10 Most Risky Cities for Ijacking 1) San Francisco 2) Seattle 3) Denver 4) 10 Most Risky Cities for Ijacking 1) San Francisco 2) Seattle 3) Denver 4) San Jose 5) San Diego 6) Atlanta 7) Salt Lake City 8) Las Vegas 9) Sacramento 10) Phoenix Sperling’s Best Places

10 Least Risky Cities for Ijacking 41) 42) 43) 44) 45) 46) 47) 48) 10 Least Risky Cities for Ijacking 41) 42) 43) 44) 45) 46) 47) 48) 49) 50) Rochester Providence Cincinnati Cleveland Virginia Beach New Orleans Birmingham Louisville Buffalo Pittsburgh Sperling’s Best Places

Justices Limit Use of Identity Theft Law The Supreme Court on Monday rejected a Justices Limit Use of Identity Theft Law The Supreme Court on Monday rejected a favorite tool of prosecutors in immigration cases, ruling unanimously that a federal identity-theft law may not be used against many illegal workers who used false Social Security numbers to get jobs. …. . NY Times May 4, 2009

The Law • Identity Theft and Assumption Deterrence Act of 1998 • Gramm-Leach-Bliley Act The Law • Identity Theft and Assumption Deterrence Act of 1998 • Gramm-Leach-Bliley Act (GLBA) requires that financial institutions have policies, procedures, and controls in place to prevent and detect fraudulent access to such information. • Red Flag Rule

Best Practices For CUs • Protect your member information. • Verify new accounts with Best Practices For CUs • Protect your member information. • Verify new accounts with a Member Identification Program • Verify and review address changes. Confirm old addresses or a simple callback to phone numbers on file. • Carefully review loan documents and compare social security numbers, addresses and employer names on application and the credit report. • Conduct a “System Penetration Test”.

Best Practices For CUs • Train all staff on security and privacy protection. • Best Practices For CUs • Train all staff on security and privacy protection. • Policies should include steps to help victimized members. • Conduct criminal and civil background checks before hiring employees. • Don’t use SS# as employee ID numbers on paychecks, time cards, staff badges, etc. • Restrict system access to sensitive personal data to only those who need the information.

Best Practices For CUs • Ensure proper disposal of sensitive information. • Inform your Best Practices For CUs • Ensure proper disposal of sensitive information. • Inform your members about business identity theft such as vandalized or mimicked Web sites. • Educate your members that financial institutions do not contact members to request or verify security information. • Consider software/hardware that regularly monitors the database to detect unusual financial patterns and activity.

Best Practices For CUs • Have a written privacy policy, adequately communicate the policy Best Practices For CUs • Have a written privacy policy, adequately communicate the policy and provide training. • Lock up and limit access to personnel files. • Provide a secure location for employees to store their purses, documents, briefcases, etc. at the workplace. • Ensure that your vendors are protecting confidential employee data.

Internet Scams & Fraud Phishing/Pharming – Educate your members Age-targeted Scams – Youths and Internet Scams & Fraud Phishing/Pharming – Educate your members Age-targeted Scams – Youths and seniors Counterfeiting – Currency & Drafts Records/Systems Hijacking – Zombie Programs - designed to steal data, damage web sites, slow response time

Useful Resources http: //www. Identity. Theft. org http: //www. ncua. gov http: //www. internetfraud. Useful Resources http: //www. Identity. Theft. org http: //www. ncua. gov http: //www. internetfraud. usdoj. gov/ http: //www. antiphishing. org/ NCUA Guide for Supervisory Committees NCUA Federal Credit Union Bylaws NCUA Rules & Regulations

Managing The Committee Work As Committee & Individually Ø Delegate To Staff Ø Outsource Managing The Committee Work As Committee & Individually Ø Delegate To Staff Ø Outsource Ø Ø Plan

Planning Use The Entire Year Ø Don’t Try To Complete Everything At Once Ø Planning Use The Entire Year Ø Don’t Try To Complete Everything At Once Ø Have A Schedule (less than 30 min per month) Ø Let’s Look At A Sample Year Ø

Month 1 Appoint committee members to positions - Introduce Training Resources - Schedule Activity Month 1 Appoint committee members to positions - Introduce Training Resources - Schedule Activity for the year -

Month 2 Cash Count Training - Elect Accounting one designee to review Checklist with Month 2 Cash Count Training - Elect Accounting one designee to review Checklist with management. -

Month 3 Report on accounting checklist - Elect one to confirm collection accounts - Month 3 Report on accounting checklist - Elect one to confirm collection accounts - Elect one to confirm death claims -

Month 4 Report on collection accounts - Report on death claims - Elect one Month 4 Report on collection accounts - Report on death claims - Elect one to coordinate collection of returned mail - Do surprise cash count(s) -

Month 5 Report on plans to collect returned mail - Report on cash count(s) Month 5 Report on plans to collect returned mail - Report on cash count(s) - Meet with audit firm to discuss timing & scope -

Month 6 Report on audit plans - Attend or coordinate a “HOW TO APPROVE Month 6 Report on audit plans - Attend or coordinate a “HOW TO APPROVE A LOAN” training program. - Elect one to review minutes -

Month 7 Report on training status - Report on board minutes (or activity) - Month 7 Report on training status - Report on board minutes (or activity) - Committee review of returned mail -

Month 8 - Have management or audit firm train committee on bank reconcilements Month 8 - Have management or audit firm train committee on bank reconcilements

Month 9 Committee Review Of Loan Files Month 9 Committee Review Of Loan Files

Month 10 Report On Loan File Review - Perform surprise cash count - Solicit Month 10 Report On Loan File Review - Perform surprise cash count - Solicit audit bids or engage audit firm -

Month 11 Report on cash count - Report on audit plans - Attend educational Month 11 Report on cash count - Report on audit plans - Attend educational workshop -

Month 12 Report on training - Review completed audit report and discuss corrective action Month 12 Report on training - Review completed audit report and discuss corrective action with management. -

Thank You - And the door prize winner is… Thank You - And the door prize winner is…