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.
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.