Compliance Watch

The National Credit Union Administration, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, in consultation with state bank and credit union regulators, are inviting public comment on a proposed policy statement for prudent commercial real estate (CRE) loan accommodations and workouts.

Question: We had a person come in asking for the funds in her deceased husband’s single-owner account. She is presenting an unprobated will that lists her as the person to receive his assets, but the account has a POD that is not the wife. Is the wife entitled to the money? Answer: You don’t know. A will is not valid until it is probated.

Are you prepared for workflow interruptions? From pandemics to power outages, RecoveryPro is here to help you prepare for the unexpected and keep your credit union running and your employees, members, and assets safe.

This year’s theme for International Credit Union Day is “Empower Your Financial Future with a Credit Union,” which will take place on Thursday, Oct. 20.

In May 2020, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) requested public comment on the application and reporting requirements for Certified Community Development Financial Institutions (CDFIs).

The Department of Justice and the Consumer Financial Protection Bureau issued a joint letter reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Relief Act (SCRA).

Consumers and financial institutions are immensely curious about cryptocurrency and blockchain. And it’s no wonder—the topic is complex and often confusing, and few understand it fully.

Question: If a member runs an ATM at their business, does that make them a money transmitter? Answer: No. FinCEN addressed this matter in a 2007 opinion that if an owner-operator of an ATM only allows a person to access their account without the ability to send those funds to other persons, that owner-operator is not a money transmitter.

Have you heard? The InfoSight you know and love is being remastered.

The NCUA Board approved a proposed rule that would require a federally insured credit union (FICU) to notify the NCUA as soon as possible but no later than 72 hours after they reasonably believe that a reportable cyber incident has occurred.