NLRB Notice Requirement

The National Labor Relations Board (NLRB) issued a final rule to require most private-sector employers (in-cluding credit unions) to notify employees of their rights under the National Labor Relations Act (NLRA). The requirement goes into effect on Jan. 31, 2012.

Employers must post a notice in the workplace, similar to the one required by the Labor Department for federal contractors. But NLRB’s final rule would require just about all private sector employers subject to the NLRA to inform employees of their NLRA rights, regardless of federal contractor status. The NLRA excludes agricultural, and railroad and airline employees. The NLRB also exempts U.S. Postal Service workers from the requirements for now. But if you already comply with the Labor Department’s posting requirement, you’ll also comply with the NLRB rule.

Employers must post the notices “in conspicuous places where they’re readily seen by employees, including all places where notices to employees concerning personnel rules or policies are customarily posted.” NLRB also requires employers to post the notice on the Internet or an intranet site if that’s where employers customarily post personnel rules and policies. And if 20% or more of employees speak a language other than English, employers must include translated versions of the notices.

Find the NLRB notice at nlrb.gov and from the agency’s regional offices.

Savings Bonds Counter Sales Eliminated

The Treasury Department will end over-the-counter sales of paper savings bonds on Dec. 31, 2011. This includes sales through financial institutions. Members still may purchase savings bonds at treasurydirect.gov.

According to Treasury, this change will save
taxpayers an estimated $70 million during the next five years.

Existing paper savings bonds still will be valid and earn interest for 30 years from the issue date or until re-deemed. Members can still redeem paper bonds at the credit unions that remain paying agents in Treasury’s sav-ings bond program. Members also can convert their paper savings bonds to electronic bonds at treasury direct.gov using a program called “SmartExchange.” There’s no charge to convert paper bonds. No earned interest will be lost, and the bonds will keep their original issue dates and current interest- rate terms.

Treasury offers a tool kit for credit unions to inform members about the changes. It’s available for download at treasurydirect.gov. The kit includes a sample newsletter article, a Q&A for member service staff, monthly statement messages, a lobby flier, and Web banners.

SAFE Act Registration Renewals

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires registered mortgage loan originators to renew their registration on the National Mortgage Licensing System & Registry (NMLS) during the annual “renewal period” (November 1 to December 31).

Renewal won’t be required if initial MLO registrations occurred less than six months before the end of the re-newal period. But credit unions will have to update registrations if information initially submitted to the NMLS changed.

All initial MLO registrations completed before July 1, 2011, must be renewed by the end of 2011 as well as subsequent years. Initial registrations completed on or after July 1 aren’t required to be renewed by year’s end, but must be renewed in subsequent years. All institution accounts must be renewed on an annual basis regardless of when the NMLS account was created.

For more information on the SAFE Act, visit CUNA’s e-Guide at cuna.org.

Next: Mandatory E-Filing of BSA Reports Proposed