Compliance Watch
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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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FinCEN Works Toward New Beneficial Ownership Rule
FinCEN has announced an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment on a wide range of questions related to the implementation of the beneficial ownership information reporting provisions of the Corporate Transparency Act (CTA). -
Proposed Rule Review
The Texas Credit Union Commission will review and consider for re-adoption, revision, or repeal Chapter 91, §§91.101, (Definitions); 91.103 (Public Notice of Department Decisions); 91.104 (Public Notice and Comment on Certain Applications); 91.105 (Acceptance of Other Application Forms)... -
Question of the Week
Question: Who takes over administration of a trust if a trustee dies, becomes incapacitated, or is unwilling to perform trust duties? Answer: A successor trustee. -
A New Month – A 9-Day InfoSight Challenge!
We thought we’d provide some options to jumpstart the month of April and enhance your knowledge of InfoSight! It’s never too late! -
President Signs PPP Extension Act of 2021
On March 30, 2021, President Biden signed the PPP Extension Act of 2021 to extend the covered period for the Paycheck Protection Program (PPP) through June 30, 2021 (previously March 31). -
Agencies Ask for Input on Institutions’ Use of Artificial Intelligence
In a joint press release, the Fed, CFPB, FDIC, NCUA, and OCC have announced they are seeking information from the public on how financial institutions use artificial intelligence (AI) in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations. -
CUSO Rule Comment Period Extended
The NCUA Board has unanimously approved by notation vote a 30-day extension of the comment period for its proposed rule on credit union service organizations (CUSOs) Part 712. -
50 million in University of Phoenix Refunds Sent to Students
The FTC has announced it is sending payments totaling nearly $50 million to more than 147,000 University of Phoenix students who may have been lured by allegedly deceptive advertisements. -
FinCEN Issues Innovation Hours Report
The Financial Crimes Enforcement Network (FinCEN) has issued a report on its Innovation Hours Program, a key element of FinCEN’s broader Innovation Initiative. -
Q and A Regarding Third Round of Economic Stimulus Payments
With the passage of HR 1319, the American Rescue Plan of 2021, our members have started to receive their $1,400 (and most times more) stimulus payments. Can we offset against past-due or charged-off loans or recoup deficiencies in a deposit account?
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