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Bi-Annual Member Verification

  • 1.  Bi-Annual Member Verification

    Posted May 10, 2019 05:14 PM
    Is anyone else handling the required "Member Verification" by some other means than having a physical notice sent to each member through your  Supervisory Audit?? What do you do with those members who have opted out of physical statements and only receive electronic statements?

    Brad Barber
    Members First CU
    Brigham City UT

  • 2.  RE: Bi-Annual Member Verification

    Posted May 14, 2019 01:46 PM
    Hi Brad,
    We use to try and handle the Member Verification Audit ourselves but our Examiner's were NEVER satisfied with our methods or documentation.  For the e-statement portion, we modified the email notification to those with e-statements asking them to carefully review their statements and report any discrepancies in writing to our Supervisory Committee mailing address.
    We now outsource through our CPA firm that conducts our Supervisory Annual Audit and the cost has been well worth the peace of mind. We upload an AIRES report and a few other items and the CPA firm takes it from there.  Minimal effort on our part and it gives our Supervisory Committee some relief.  We have not had any Examiner issues/findings since outsourcing to our CPA's (I think in 2010 or 2012).
    Hope this helps.
    Good luck.

    Tammy Doles-Roberts
    Chief Executive Officer
    Olympia CU
    Olympia WA

  • 3.  RE: Bi-Annual Member Verification

    Posted May 14, 2019 01:59 PM

    Brad: I can't seem to reply to the group for some reason.  So, in short, we don't do anything special for that eStatement group.  They get the same special notice as other members and we don't do additional testing.  We do additional testing for bad addresses or hold/dormant (rare).  And, as others will note, whatever you do is never enough for NCUA.


    Debra Evans


    Embark Credit Union





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