Compliance

NCUA Issues Model Privacy Form

April 26, 2010
NCUA adopts a standardized, easy-to-understand privacy notice for consumers. The National Credit Union Administration (NCUA) along with the other federal regulators issued a model privacy form credit unions may use to comply with the Privacy Act’s initial and annual privacy notice requirements. NCUA’s regulations apply to all federally... READ MORE

Bellco CU Wins UBIT Challenge

April 26, 2010
Bellco CU Wins UBIT Challenge   Last month the U.S. District Court in Colorado ruled in favor of Bellco Credit Union, Greenwood Village, Colo., about limits on the Internal Revenue Service’s authority to collect unrelated business income taxes (UBIT) on several products.  The court ruled income derived from the sale of credit... READ MORE

Compliance Q&A

April 18, 2010
By Valerie Moss Q What must a servicemember do to receive the 6% interest rate required by the Servicemembers Civil Relief Act (SCRA)?       A In order to apply for the 6% interest rate, the SCRA requires the servicemember to provide the credit union with a written notice... READ MORE

Compliance Q&A: Ability to Pay

April 06, 2010
By Valerie Moss Q Prior to opening a new credit card account , we understand that our credit union now has to consider a member's "ability to pay" as if the line of credit was fully advanced. Say that under the terms of our credit card agreement, the member has... READ MORE

Coming Soon: CARD Act Fee, Rate Terms

March 30, 2010
The Federal Reserve Board has proposed regulations to implement two provisions of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act. The comment period concludes April 14. The Fed should finalize these regs early this summer, with an effective date of Aug. 22, 2010, required by law. The first provision... READ MORE

Leverage Technology to Ease the Compliance Burden

March 10, 2010
Steve Gibbs : Use technology to lessen the compliance burden and control costs. By Steve Gibbs Compliance has always been a tedious process involving much reading and even more research. In the “good old days,” disclosures were reviewed word by word and annual percentage rates were determined on a hand-held... READ MORE

Compliance Q&A: Reg E

March 03, 2010
By Valerie Moss Q Is it true that credit unions without formal courtesy pay programs can ignore the Fed’s new Regulation E rule on ATM and one-time debit card overdrafts?     A Not true . The Federal Reserve Board has made it clear that credit unions won’t be able... READ MORE

CFPA Wouldn’t Replace NCUA

February 23, 2010
Barr: The financial regulatory system is fundamentally flawed. Calling credit unions an essential part of the fabric of the nation’s communities, Assistant Treasury Secretary Michael Barr pledged to help credit unions expand their small business lending activity. Barr, speaking during Tuesday’s General Session, also commented on the Treasury's recent work... READ MORE

Hyland: Focus on the future

February 23, 2010
Hyland: Don't wait to seize the future. Entering the stage to the strains of R.E.M.’s “It’s the End of the World as We Know it,” NCUA Vice Chair Gigi Hyland told General Session attendees to seize the future—pronto. “It’s the end of the world as we know it and it’s... READ MORE

Compliance Burden Keeps Growing

February 23, 2010
Credit union boards don’t have to know all the compliance answers. But boards must be able to ask key questions to ensure their credit union is “on track” complying with laws and regulations, said Kathy Thompson, CUNA’s senior vice president/associate general counsel for regulatory compliance, during a Tuesday panel discussion... READ MORE

The Works Blog The Works Blog is produced by PolicyWorks LLC, Des Moines, Iowa.

#VISA #MasterCard Zero Liability Changes

As of October 17, 2014 both VISA and MasterCard will be changing their zero liability policies.  Although they have the same effective date, there are a few key differences to the policy changes: MasterCard Zero liability policy will be expanded to include PIN-based POS and ATM transactions (currently these transactions do not qualify for zero […]

#FinCEN smuggling & trafficking guidance

Detecting and reporting suspicious transactions is essential in the financial industry. FinCEN issued an advisory last week to help financial institutions identify “red flags” to assist with the identification and reporting of suspicious financial activities connected with human smuggling and trafficking. Detecting and reporting: Important observations when interacting with members and throughout the credit unions […]

SCRA: An Acronym You Need to Know

In May, the United States Department of Justice announced a $60 million settlement with student loan servicer Sallie Mae for alleged violations of the Servicemembers Civil Relief Act (SCRA). As a result, the once seemingly forgotten 4th fair lending law now resumes its rightful place center stage. If it’s been awhile since your credit union’s […]
More Stories

What's Popular

Popular Stories

Recent Discussion

Your Say: Does Your CU Offer Subprime Loans?

View Results Poll Archive