Compliance Watch

I thought Regulation E/Electronic Fund Transfers did not apply to wire transfers, but I heard the CFPB recently published something that stated otherwise?

Last week, FinCEN reminded financial institutions to remain vigilant in identifying and reporting suspicious activity related to elder financial exploitation on World Elder Abuse Awareness Day.

Succession planning was a 2023 Supervisory Priority and continues to be a hot topic. Not having a plan in place is a major cause of credit union mergers, according to NCUA.

Are statistics available that support just how valuable BSA reporting is to law enforcement that we could share with our employees?

We conduct a survey among our users every year, and fraud is still the top issue faced by CUs. To help, we've partnered with our leagues and associations to host a two-day Fraud Symposium.

Can the authority to charge-off loans be delegated, or is it limited to the board?

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?