Compliance Watch

Eligible low-income credit unions (LICU) may accept 30-year subordinated debt investments from the U.S. Department of the Treasury’s Emergency Capital Investment Program (ECIP), as detailed in a letter to credit unions by the National Credit Union Administration.

Question: Are we required to provide copies of cancelled checks? Answer: Yes. UCC 4-406 states that if you provide a statement showing payments of items on the account, you either return or make available to the member the items paid or provide information in the statement of account sufficient to allow the member reasonably to identify the items paid.

Through a live webcast, the National Credit Union Administration Board held its ninth open meeting of 2021 and approved two items...

InfoSight is not just for compliance officers. InfoSight is a FREE resource provided by Cornerstone League that gives you access to 15 major compliance areas with easy-to-read summaries, links to applicable laws, regulations, resources, checklists, and frequently asked questions.

According to the NCUA’s recent press release, the FBI’s Internet Crime Complaint Center, cybercriminals are targeting organizations that use popular cloud-based email services to conduct business email compromise scams.

The Treasury Department recently announced that, building on OFAC's earlier designation of a virtual currency exchange for facilitating transactions for ransomware actors, additional steps have been taken to help the virtual currency industry prevent exploitation by sanctioned persons and other illicit actors.

OFAC has posted a notice that it has published a brochure, "Sanctions Compliance Guidance for the Virtual Currency Industry," as a resource to help members of the virtual currency industry navigate and comply with OFAC sanctions.

Back in 2019, the CFPB published information regarding the discontinuation of LIBOR, indicating that it is expected to be discontinued.

The National Credit Union Administration is hosting a 60-minute webinar on the NCUA’s Automated Cybersecurity Evaluation Toolbox (ACET) beginning at 3 p.m. ET on Thursday, Oct. 28. It will be followed by a question-and-answer session.

Question: Can you explain to me a little bit about how Regulation E disputes work? How much is the member liable for? Answer: Reg E liability limits the amount that a member loses when either an access device is stolen, an unauthorized transaction occurs, or there is another sort of error that causes the member’s balance to be reduced.