The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.
CUNA’s compliance staff continued its closer look into the NCUA’s guidance on its member business lending rule with a CompBlog entry last week on collateral and security requirements for commercial loans.
Last week’s CUNA Governmental Affairs Conference brought 5,000 credit union leaders to Washington, D.C. During one of the breakout sessions, NCUA staff outlined where the agency is at regarding extending the examination cycle.
The Consumer Compliance Rating System is an interagency framework developed by the Federal Financial Institutions Examinations Council member agencies for evaluating an institution’s ability to manage consumer compliance risk and to prevent harm to consumers.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
With tax season upon consumers once again, it’s also when they are most vulnerable to tax refund fraud. Since the methods for tax refund distribution generally go through financial institution, credit unions can battle tax refund fraud.
More than 300 credit union compliance professionals from 237 credit unions and more than 20 associations attended last week’s CUNA/NASCUS BSA Conference to get the latest information on BSA compliance from regulators, attorneys and other compliance professionals.