Compliance Watch

The U.S. Department of Homeland Security has announced the establishment of the Cyber Safety Review Board (CSRB), as directed in President Biden’s Executive Order 14028 on Improving the Nation’s Cybersecurity.

FinCEN has announced that it will extend the comment period of its Real Estate Advance Notice of Proposed Rulemaking (ANPR).

Cornerstone League’s Information Central has received recent inquiries regarding the Employee Retention Credit (ERC) and whether credit unions are able to obtain this credit. We thought it would be helpful to clarify some recent changes regarding this issue.

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.