cuasterisk.com CU*Answers recently underwent its annual ACH Audit to verify compliance with the NACHA Operating Rules and to meet applicable audit requirements. According to the ACH Annual Audit Report, no exceptions were noted. The recent Audit spurred the CUSO to publish a memo to its online credit unions describing the actual scope of the audit and to remind credit unions of their responsibility for remaining in compliance with ACH guidelines.
Of the recommendations made by CU*Answers, credit unions are urged to become very familiar with the “Smart Operator” menu option included in CU*BASE. The menu provides information on daily tasks CU*Answers operators are performing on behalf of the credit unions and will assist in providing auditors with proof of timing of the posting of the files and return of specific items.
The scope of the audit did not include the audit requirements as indicated within Appendix Eight – Section 8.3 – Audit Requirements for Originating Depository Financial Institutions as the Company does not perform originations for corporate businesses. The CUSO is careful to note that compliance with requirements of this section would be the responsibility of the member credit union.
About the Partner
CU*Answers
CU*Answers offers expertise in implementing technical solutions to operational needs, and is a leader in helping credit unions form strategic alliances and partnerships. CU*Answers provides a wide variety of services for credit unions including its flagship CU*BASE processing system (online and in-house) and Internet development services featuring It’s Me 247 online and mobile banking. Additional services include web development, network design and security, and image check processing. Founded 40+ years ago, CU*Answers is a 100% credit union-owned CUSO providing services to credit unions representing nearly 1.5 million members and $10 billion in credit union assets. For more information, visit cuanswers.com.
