WASHINGTON (3/7/16)--Can multiple-group federal credit unions merge with each other while still complying with the Federal Credit Union Act and the National Credit Union Administration’s rules and regulations? According to Michael J. McKenna, NCUA’s general counsel, it is possible as long as a number of conditions are fulfilled.
WASHINGTON (2/29/16)--While compliance information can be found in hundreds of pages of regulations from various agencies, compliance professionals often rely on their own experience and knowledge of specific topics to guide their credit union’s efforts. Thanks to the CUNA Compliance Community, the collective wisdom of hundreds of compliance experts is a few clicks away.
WASHINGTON (2/16/16)--A number of credit unions have reached out to CUNA compliance staff lately regarding the requirements of the Americans with Disabilities Act. The bill became law in 1991, and its provisions covering employment requirements (Title I) and public accommodations (Title III) are a must-know for credit unions.
WASHINGTON (2/8/16)--To remedy perceived limitations of the Currency Transaction Report, the U.S. Treasury’s Financial Crimes Enforcement Network is seeking comments on potential changes to the form. Comments are due by April 4.
WASHINGTON (2/1/16)--Can a credit union mandate employees receive pay via direct deposit, and tell them which financial institution the funds must go to? CUNA's compliance staff was recently asked this question, and a deeper dive into Regulation E (Electronic Funds Transfer Act) offers some clarity.
WASHINGTON (1/25/16)--Identity theft tax refund fraud is the No. 1 Internal Revenue Service scam, but it’s a scam that credit unions can help thwart. Since the methods of tax refund distribution are usually run through a financial institution, credit unions are in a good position to identify a scam as it's happening.
WASHINGTON (1/21/16)--The Servicemembers Civil Relief Act’s one-year period of protection against foreclosures for returning servicemembers expired on Dec. 31, 2015. Although efforts are under way to reverse the lapse, no legislation has yet to make its way to the president’s desk for a signature.
WASHINGTON (1/19/16)--Credit unions wishing to use the Defense Manpower Data Center (DMDC) for identifying borrowers covered under the Military Lending Act must make their intentions known to the DMDC by Feb. 1.
WASHINGTON (1/11/16)--Suspicious activity reports (SARs) and other Bank Secrecy Act data help law enforcement track malicious cyber activity, but less than 2% of SARs contain a piece of valuable information that can help, an internet protocol address.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.