Credit unions serving, or considering serving, money services businesses could see reduced compliance burdens on several fronts. MSBs often present compliance issues due to increased regulatory scrutiny, and are a topic of discussion at CUNA’s BSA school.
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
The subject of dividends has come up in a number of questions to CUNA’s compliance staff recently, making this a good time to address questions with the NCUA’s Truth in Savings Regulation (12 CFR 707).
The Federal Communications Commission released a declaratory ruling last week clarifying that the Telephone Consumer Protection Act does not apply to calls made by the federal government, as long as the call is part of official business.
CUNA’s compliance staff has received questions about what the Fair Credit Reporting Act says about credit unions being allowed to pull credit reports for cross-selling purposes. Credit unions are not allowed to do so, with one limited exception.
Examiner guidance from the Federal Financial Institutions Examination Council essentially tasks credit unions with having a documented plan for mobile payments security and business risk and could potentially play a key role in upcoming credit union examinations.
Can a member opening a trust account list an organization as a beneficiary, and will that beneficiary be insured by the NCUA? That question was sent to CUNA’s compliance staff, and the answer depends on a number of factors.
CUNA compliance staff has received a number of questions in recent weeks regarding Internal Revenue Service W-9 forms and taxpayer identification numbers. A recent CompBlog entry lists some of those frequently asked questions, along with answers.