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.
CUNA’s compliance staff continues its deep dive into requirements under the changed Military Lending Act, as well as answering questions that come from credit unions trying to ensure they remain in compliance.
As questions continue to arise regarding the changes to the Military Lending Act, CUNA is not only submitting guidance language at the Department of Defense’s request, but also answering questions from credit unions.
The final rule on customer due diligence will be published in the Federal Register next week, making it effective within 60 days of publication. The compliance date for the rule won’t be until May 11, 2018.
CUNA’s compliance staff was recently asked about a garnishment order for a member’s that receives federal benefits. The credit union determined the member did not have enough and the member asked the order be paid in full using those funds.