Compliance

The sheer volume of new regulations is overwhelming for most CUs. Expect to see renewed regulator interest in the Bank Secrecy Act’s anti-money laundering provisions and ID theft red flags enforcement. Board focus: Plan now for an even heavier compliance burden. A seemingly endless onslaught of... READ MORE

Q Does a periodic statement have to display “gridlines” when disclosing the aggregate dollar amount totals for overdraft and returned item fees?     A Yes . Effective Jan. 1, 2010, all credit unions—not just those that promote overdraft services as previously required—were required to disclose on periodic statements the... READ MORE

Klewin : Focus on planning and creativity when shoveling through the regulatory blizzard. By William Klewin I’m a pretty good bellyacher. I can complain about the weather, about bureaucracy at the Department of Motor Vehicles, returning unwanted presents, or the Green Bay Packers losing in the first round of the... READ MORE

NCUA has also issued a proposal affecting community CUs. A number of regulatory issues remained with us as our calendars rolled over to 2010. One of those issues is the regulation of corporate credit unions. About 95% of natural-person credit unions belong to and rely on corporate credit... READ MORE

CUs must provide notices and obtain opt-in from members before assessing fees. Last month credit unions had to comply with new Truth in Savings requirements for disclosing aggregate overdraft fees on periodic statements regardless of whether they promoted the payment of overdrafts. The regulations also addressed account... READ MORE

Visitors to creditunionmagazine.com were most interested in regulations, corporate stabilization, and the recession during 2009. The most-read stories on creditunionmagazine.com during 2009 were: 10) Strange-But-True CU Crimes   Did you hear about the arrest police made in a 26-year-old credit union embezzlement case? Or about the member who deposited her... READ MORE

By Valerie Moss Q Can a credit union share a Suspicious Activity Report (SAR) with another credit union under the Section 314(b) information-sharing provisions of the USA Patriot Act ?     A No. Section 314(b) of the USA Patriot Act allows financial institutions to share information with each other... READ MORE

By Valerie Moss Q Must a credit union set up individual accounts for each Office of Foreign Assets Control (OFAC)-blocked party, or can it set up one account to house funds from all blocked accounts? Next : The answer   A OFAC allows a credit union to choose either method.... READ MORE

Expect continued regulatory scrutiny of your BSA compliance program. Most credit unions have adjusted to tougher regulatory scrutiny of their Bank Secrecy Act (BSA) compliance programs. Nevertheless, compliance remains a challenge for most, if not all, institutions. That’s why so many credit union compliance... READ MORE

They face daunting challenges, but their leaders are passionate, motivated, and innovative. And they’re not giving up. CEOs of small credit unions don’t hold those positions to gain fame and fortune. They hold those positions because they have a vision, and they’re passionate about that vision. And... READ MORE

If you remember last summer, NCUA’s Office of Consumer Protection notified over 1000 federal credit unions across the country of their eligibility for low income designation.  NCUA’s initiative was in part due to President Obama’s relief and recovery package to help drought stricken states across the country.   Many of you accepted the designation; however, do [...]

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to purchase only qualified mortgages as of January 10, 2014. For those of us that follow the secondary mortgage market and compliance regulations, this shouldn’t be much of a surprise.   The new CFPB rule allows for loans to be underwritten as either [...]

It’s here! Last week the CFPB issued the new final version of the remittance transfer rule. The final rule, which was originally supposed to be effective in February, has now been re-issued. The CFPB has given financial institutions additional time to comply with the rule so the new effective date is October 28, 2013. This [...]