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.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.