Compliance Watch

Question: Can you explain how remote deposit capture indemnity works in Reg CC? Answer: 12 CFR 229.34(f) of Regulation CC states, in short, that if you as a credit union accept a payment by remote deposit capture, you are willing to repay any losses caused by acceptance of that check later in time.

We’re very excited to announce that less than two weeks remain before we kick off this year's 2022 Oklahoma Governmental Affairs Conference, April 12–13 in Oklahoma City. And great news… you still have time to register!

On Monday, Cornerstone League submitted a comment letter to National Credit Union Administration regarding its proposed rule on succession planning.

Our highly requested Compliance Update videos (formerly “Compliance Connection” videos) are BACK!

The 2022 edition of the Guide to HMDA Reporting: Getting it Right Is now available. The guide is a valuable resource for assisting all institutions in their HMDA reporting.

The Treasury Department recently announced that OFAC has designated 21 entities and 13 individuals as part of its crackdown on the Kremlin’s sanctions evasion networks and technology companies, which are instrumental to the Russian Federation’s war machine.

The Financial Crimes Enforcement Network recently announced a $275,000 civil money penalty on A&S World Trading, Inc., d/b/a Fine Fragrance (A&S) for willful violations of the Bank Secrecy Act and its implementing regulations.

According to a recent press release from the FBI, the Bureau recently conducted a coordinated effort to disrupt business email compromise (BEC) schemes that intercept and steal wire transfers sent by businesses and individuals.

In July 2021, the NCUA announced the implementation of Phase 1 of its phased approach to returning to onsite operations in Letter to Credit Unions, 21-CU-06.

Question: When a member on a POD account dies, can we setoff against the funds in the account before the POD beneficiary makes a claim on the funds? Answer: It depends on state law.