Compliance Watch

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.

InfoSight’s newest exclusive products have launched. The Account Insurance Estimator (AIE) allows your credit union to estimate the maximum federal insurance (NCUSIF) coverage of funds in any member’s account(s) for the 10 most popular types of coverage.

NCUA Risk Alert 22-RISK-01 reminds credit unions of the ongoing threat of social engineering and phishing attacks and reiterates the continued importance of educating employees and members on how to avoid these threats.

The CFPB has posted a blog article to announce the Bureau is extending to April 11, 2022, the deadline for the public to provide input on its Request for Information on "exploitive junk fees."

The Department of the Treasury recently announced that OFAC had designated key enablers of Russia's invasion of Ukraine.

The Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) has issued an Action Plan to root out racial and ethnic bias in home valuations.

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.