Compliance Watch

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.

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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...

For 3rd week of Military Consumer Month, the Consumer Financial Protection Bureau’s Office of Servicemember Affairs is emphasizing two vital military consumer protection laws: the Military Lending Act (MLA) and the Servicemembers Civil Relief Act (SCRA).

The Federal Housing Authority on Friday announced additional streamlined COVID-19 recovery options to help homeowners with FHA-insured mortgages who have been financially impacted by the COVID-19 pandemic bring their mortgage current and remain in their homes.

On June 30, 2021, the Consumer Financial Protection Bureau published Regulatory Alert​ 21-RA-08 in the Federal Register, a final rule temporarily amending certain mortgage servicing requirements under Regulation X to assist borrowers affected by the COVID-19 emergency.

Nacha has created an opt-in program to better facilitate the return and recovery of potentially fraudulent unemployment benefits originally paid by ACH credits.

Question: We have a member that designated his account as payable on death, with four persons to receive proceeds of the account upon his death. That member has since passed, but only two of the four beneficiaries outlived the member. Since that time, we’ve had the surviving family members of the deceased beneficiaries ask for their share of the account funds. Can we pay a share to them, or can we only pay to the surviving beneficiaries?

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FinCEN has announced it will convene a FinCEN Exchange in Aug. 2021 with representatives from financial institutions, other key industry stakeholders, and federal government agencies to discuss ongoing concerns regarding ransomware, as well as efforts by the public and private sectors.