Compliance Watch

A fraudster induced our member into sharing account access information and then performed several debit card transactions from the member’s account. Is this considered an unauthorized Electronic Fund Transfer (EFT) since our member furnished their account information?

In our May 19, 2023, newsletter, we focused on the effective dates for the Small Business Lending Rule. After a few lenders challenged the rule, the court issued a stay, disrupting the planned effective dates. We review the new compliance deadlines.

On April 30, the Department of Justice recommended that cannabis be rescheduled from Schedule I in the Controlled Substances Act to Schedule III. For now, nothing changes regarding banking cannabis accounts.

We are considering changing a couple of fees on the deposit side. What is involved in this process?

InfoSight offers a comprehensive Trusted Contact Person Toolkit to help credit unions combat elder financial exploitation.

Our member did not notify us promptly that they were going on active duty. Per the Servicemembers Civil Relief Act (SCRA), we have retroactively dropped the interest rate on the servicemember’s existing loan to 6%. How do we reimburse the member for the excess interest that was paid during the delay?

Check fraud is still an issue that needs attention and monitoring. Even older techniques such as “check washing” are making a comeback.

I heard May is Older Americans Month. Are there any resources we can share with our members?

Stay on top of federal regulatory changes with InfoSight’s compliance videos, highlighting developments related to deposit accounts, lending, and credit union operations.

What is the stale date on a cashier’s check (i.e., when do they expire)?