Compliance Watch
Featured Post
Texas Court Invalidates DOL Overtime Exemption Salary Threshold Rule
A federal judge in Texas struck down the DOL's latest attempt to raise the minimum salary thresholds for the FLSA's white-collar overtime exemption, finding that the rule exceeded the agency’s statutory authority. Login Required.
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Question of the Week: OFAC Scanning of Employees
Learn why conducting OFAC checks on new and existing employees is important for credit unions to maintain compliance and avoid potential legal penalties. -
Question of the Week: Nationwide Multistate Licensing System (NMLS) ID
Joining a credit union from a bank? Learn whether you can keep your existing NMLS number and what steps are required when changing employers. -
Question of the Week: Living Trust Transfers
Learn how the Garn-St. Germain Act applies when a member transfers a home into a living trust. -
Question of the Week: Members with No Address
Learn what address information credit unions can use to meet CIP requirements for members who live in rural areas without a traditional street address. -
Question of the Week: Sharing SARs with Auditors
Learn when independent auditors may review SAR filings and what confidentiality requirements credit unions should consider. -
IRS’s Vehicle Loan Interest Deduction Rule Finalized
The IRS has finalized regulations clarifying the vehicle loan interest deduction, including eligible loan expenses, vehicle qualifications, reporting requirements, and taxpayer responsibilities. -
Question of the Week: Money Services Business
Learn whether precious metals dealers qualify as MSBs and what Bank Secrecy Act requirements and reporting obligations may apply. -
Question of the Week: Executor Access to POD Account Records
A POD designation does not prevent an executor from accessing a deceased member’s account records when proper documentation is provided. -
Question of the Week: Deleting Chats
Credit unions should carefully consider record retention requirements before deleting online member chats related to loan applications or banking services. -
Question of the Week: Rate Matching a Certificate of Deposit (CD)
Learn what credit unions should consider when matching a competitor’s certificate rate.
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