Compliance Watch

Question: Can a payable-on-death beneficiary decline to accept the designation? If so, where do the funds go? Answer: Yes. A payable-on-death beneficiary does not have to accept the designation and may refuse based on their own personal situation.

The regulatory environment continues to change rapidly, and your policies need to keep up with it.

The secretaries of the USDA, HUD, VA, and Treasury and the acting director of the FHFA released a joint statement on agency actions to prevent evictions.

On Wednesday, Aug. 18, 2021, at 2-3:30 p.m. ET, learn about online resources and assistance available to homeowners and renters during the coronavirus emergency.

The IRS has issued a press release urging entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information.

The CFPB announced on recently that two final rules issued under the Fair Debt Collection Practices Act will take effect as planned on Nov. 30, 2021.

The IRS has updated its frequently asked questions (FAQs) regarding the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.

Question: Do credit unions need to incorporate the issue of marijuana-related businesses into their BSA policies and training? Answer: Yes, credit unions should discuss cannabis-related businesses (both marijuana and hemp) in their Bank Secrecy Act policies, procedures, and training sessions.

Visit InfoSight and save yourself the horror of being out of compliance!

Many have asked about the right of offset for the recently deposited Child Tax Credits. The IRS has provided several FAQs, with those below specifying past-due funds and garnishments...