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.
Expansion of the Military Lending Act to cover a number of open- and closed-end loans may pose serious problems to credit unions that serve a large number of military members, according to CUNA’s compliance staff.
CUNA is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.