Compliance Watch

The IRS recently released a memorandum regarding the applicability of the employee retention credit (ERC) to federal credit unions. In short, FCUs are not eligible to claim the ERC for wages paid during the period between March 12, 2020, through Dec. 31, 2020.

To help provide further clarity on U.S. sanctions requirements, OFAC has launched a series of short videos that provide background on our sanctions programs along with practical suggestions on how to comply effectively.

Four federal agencies will host a roundtable discussion Sept. 12, at 3 p.m. EDT regarding the availability of special purpose credit programs to help meet the credit needs of eligible individuals. The event will be open to the public via livestream.

The NCUA is co-hosting a webinar with the Internal Revenue Service about the Volunteer Income Tax Assistance program. The VITA program is an IRS initiative designed to support free tax preparation services for underserved communities.

On Thursday, Sept. 14, from 2–3:30 p.m. Eastern, the Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and National Credit Union Administration will hold an Ask the Regulators webinar.

Comment Regarding National Credit Union Administration Operating Fee Schedule Methodology and Comments on Proposed Profile Changes Due Sept. 5

As a follow up to our article in the August 18 newsletter, federal credit unions now have the ability to expel a member for cause by a two-thirds vote of the board of directors.

For a business account, can we increase the amount of NCUSIF insurance by increasing the number of signors on the account?

Regulatory agencies recognize the serious impact of the recent Hawaii wildfires on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

The Consumer Financial Protection Bureau took action against Freedom Mortgage Corporation for providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals.