Compliance Watch

Question: We have a member that provided their debit card to another person to make a purchase (including the pin number), but that person went on to make additional purchases before the member could notify the credit union. Do we have to reimburse the member for those transactions? Answer: Generally, no.

As credit unions continue to grow and open branches with members in different states, it’s important to have a tool that provides summaries of state laws that impact credit unions.

A new topic, Individual Taxpayer Identification Number (ITIN), has been added under the Tax Issues channel.

Recently the Cybersecurity and Infrastructure Agency (CISA) issued an alert to urge organizations to implement immediate cybersecurity measures to protect against potential threats.

Credit unions can get valuable information on changes to the NCUA’s Call Report Form 5300 during an upcoming webinar hosted by the NCUA on Thursday, Feb. 10.

The Consumer Financial Protection Bureau launched a new initiative to save consumers billions of dollars a year by reducing exploitative junk fees charged by banks and financial companies.

The NCUA Board recently announced it has approved a proposed rule that would require boards of directors at federal credit unions to establish and adhere to processes for succession planning.

The CFPB has posted the lists of rural or underserved counties for use in 2022 in connection with exemptions from certain regulatory requirements of the Truth in Lending Act and Regulation Z.

Question: We are required to send an SCRA notice to our members that qualify for protections when a mortgage goes delinquent. The most recent version of that form, #OMB Approval 2502-0584, expired 3/31/2021. Is there a more recent form? Answer: No. While there was a notice of proposed information collection that addressed a new form...

Missing important deadlines can cause non-compliance, potentially result in penalties or fees, and cost time and effort to get back into compliance.