InfoSight360 Newsletter

Succession planning was a 2023 Supervisory Priority and continues to be a hot topic. Not having a plan in place is a major cause of credit union mergers, according to NCUA.

Are statistics available that support just how valuable BSA reporting is to law enforcement that we could share with our employees?

We conduct a survey among our users every year, and fraud is still the top issue faced by CUs. To help, we've partnered with our leagues and associations to host a two-day Fraud Symposium.

Can the authority to charge-off loans be delegated, or is it limited to the board?

In our May 19, 2023, newsletter, we focused on the effective dates for the Small Business Lending Rule. After a few lenders challenged the rule, the court issued a stay, disrupting the planned effective dates. We review the new compliance deadlines.

A fraudster induced our member into sharing account access information and then performed several debit card transactions from the member’s account. Is this considered an unauthorized Electronic Fund Transfer (EFT) since our member furnished their account information?

On April 30, the Department of Justice recommended that cannabis be rescheduled from Schedule I in the Controlled Substances Act to Schedule III. For now, nothing changes regarding banking cannabis accounts.

We are considering changing a couple of fees on the deposit side. What is involved in this process?

InfoSight offers a comprehensive Trusted Contact Person Toolkit to help credit unions combat elder financial exploitation.

Our member did not notify us promptly that they were going on active duty. Per the Servicemembers Civil Relief Act (SCRA), we have retroactively dropped the interest rate on the servicemember’s existing loan to 6%. How do we reimburse the member for the excess interest that was paid during the delay?