Compliance Watch

On Dec. 3, the U.S. District Court for the Eastern District of Texas issued a nationwide injunction that prohibits enforcement of the Corporate Transparency Act (31 U.S.C. §5336) and the Reporting Rule (31 C.F.R. 1010.380).

To help you address emerging fraud risks, we’ve updated the Fraud Channel with new content under Cyber-Enabled Fraud and Wire Transfers topics.

Have there been changes to the Office of Foreign Assets Control (OFAC) regulations pertaining to electronic filing and record retention?

For years, InfoSight, CU PolicyPro, and RecoveryPro have stood as leaders in their respective categories, each known for their unique functionality and industry-leading content. We have listened closely to credit union feedback and realized that...

Should we retain evidence that our members have opted in to overdraft coverage on ATM and one-time debit transactions?

On election day, Missouri voters cast their ballot to approve Proposition A. The new law will apply to Missouri state and federal credit unions of all sizes. Login Required.

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.

Each week, I try to write articles that provide valuable insights into this ever-evolving regulatory environment. As I mentioned last week, it’s unlike anything I’ve experienced before.

Does the original information obtained at account opening for Customer Identification Program (CIP) purposes have to be retained, or can the credit union satisfy the recordkeeping requirement by just keeping updated information about the member (such as current address)?

How is your credit union managing changes to laws, regulations, interpretations, and guidance? We encourage you to take an hour to watch our latest compliance video on InfoSight, which covers the final rules currently stuck in litigation and upcoming final rules.