InfoSight eNewsletter
Featured Post
Beware of scammers pretending to be from the CFPB
This week we confirmed that scammers are using CFPB employee’s names and imagery to try and steal your money. We’ve heard from people, specifically older adults, who were defrauded thousands of dollars from scammers pretending to be with the CFPB. If someone contacts you and says you’ve won a class-action lawsuit in a foreign country or can receive other large, unexpected amounts of money but must use the CFPB’s assistance to claim the funds, they are lying.
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Quarterly Update videos are back
Our highly requested Compliance Update videos (formerly “Compliance Connection” videos) are BACK! -
2022 ‘Getting it Right’ Published
The 2022 edition of the Guide to HMDA Reporting: Getting it Right Is now available. The guide is a valuable resource for assisting all institutions in their HMDA reporting. -
Treasury Targets Sanctions Evaders and Russian Tech Companies
The Treasury Department recently announced that OFAC has designated 21 entities and 13 individuals as part of its crackdown on the Kremlin’s sanctions evasion networks and technology companies, which are instrumental to the Russian Federation’s war machine. -
FinCEN Fines Fragrance Dealer $275,000 For GTO Violations
The Financial Crimes Enforcement Network recently announced a $275,000 civil money penalty on A&S World Trading, Inc., d/b/a Fine Fragrance (A&S) for willful violations of the Bank Secrecy Act and its implementing regulations. -
FBI and International Partners Stop Wire Transfer Schemes
According to a recent press release from the FBI, the Bureau recently conducted a coordinated effort to disrupt business email compromise (BEC) schemes that intercept and steal wire transfers sent by businesses and individuals. -
NCUA to Begin Phase 2 of Resuming Onsite Operations
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 of the Week
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. -
Account Insurance Estimator
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: Heightened Risk of Phishing Attacks
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. -
Bureau Extends Comment Period on ‘Junk Fees’ RFI
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."
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