Compliance

Compliance Matters

July 01, 2010
At press time, the National Credit Union Administration (NCUA) and all of the federal banking agencies (except the Office of Thrift Supervision) had approved the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) regulations. READ MORE

NCUA Issues Four Prohibition Orders

June 08, 2010

Jason Rene Kisor, a former employee of Pen Air Federal Credit Union, Pensacola, Fla., was convicted of theft, embezzlement, ...

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Comply With Internet Gambling Regs

June 01, 2010
June 1, 2010, is the compliance date for the Unlawful Internet Gambling Enforcement Act regulations. READ MORE

Gift Card Compliance Begins in August

June 01, 2010
This spring, the Federal Reserve Board amended Regulation E to implement the gift card provisions of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. READ MORE

Compliance Q&A: Reg E and Negative Balance Fees

May 14, 2010
Does the new Reg E overdraft rule allow credit unions to charge a negative balance fee when the member’s ATM/debit card overdraft leads to a negative balance for a long period of time? READ MORE

Compliance Q&A: OFAC

May 12, 2010
Can CUs set up just one account for all OFAC-blocked funds? READ MORE

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

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

Attention! Attention! No action required ??!!!??

The CFPB issued a proposal in February of this year to suspend credit card agreement submissions, as required by Regulation Z, for a year while they work on their database, has been finalized. It...

It’s Not Suspicious, He Does it All the Time

Once, when I was conducting BSA training for front-line staff regarding suspicious activity, I gave them an example of a retired gentleman at the credit union that several times a week made multiple cash...

CFPB Mortgage Toolkit

Currently, under Section 1024.6 of Regulation X (RESPA) your credit union is required to provide the CFPB’s Settlement Cost Booklet on applications for the purchase of a 1-4 family residential property. In association with...
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