Compliance Watch

FinCEN has updated its SAR Filings by Industry, which now includes data on filings from Jan. 1, 2014, to Dec. 31, 2021.

Our members depend on our services not only for ready access to their deposits, but also to maintain the security of their nonpublic information. This includes protection from the prying eyes of the federal government.

Question: What is the 910-day rule in bankruptcy? Answer: The 910-day rule refers to a provision in Chapter 13 bankruptcy statutes that allows a person who has acquired a loan more than 910 days prior to filing to reduce the loan balance required to pay off the car to the value of the car.

If you haven’t explored RecoveryPro, now is the time! Business Continuity Planning (BCP) has been near the top of many credit union’s strategic planning goals.

The Department of Justice recently issued guidance on web accessibility and the Americans with Disabilities Act.

In a recent NCUA Letter to Federal Credit Unions, the NCUA announced a final rule amending the definition of “service facility” for multiple common-bond federal credit unions became effective December 27, 2021.

FinCEN and the OCC have issued enforcement orders against USAA Federal Savings Bank, Austin, Texas, for willful violations of the Bank Secrecy Act and its implementing regulations.

The Federal Trade Commission reported that it has obtained an order halting a credit repair scheme that allegedly bilked consumers out of millions of dollars by falsely claiming they will remove negative information from credit reports, while also filing fake identity theft reports to explain negative items on customers' credit reports.

Recently, SBA Administrator Isabella Casillas Guzman announced that the SBA will provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program borrowers for a total of 30 months of deferment from inception on all approved COVID EIDL loans.

Question: We have a member who has died and left their proceeds to a beneficiary. That beneficiary owes money to the credit union for charged-off loans and deposits accounts. Can we take that money? Answer: No. You may not. The remedies that permit you to “offset” do not allow you to seize funds from a deceased person’s account for this purpose.