Compliance Watch
Featured Post
Texas Court Invalidates DOL Overtime Exemption Salary Threshold Rule
A federal judge in Texas struck down the DOL's latest attempt to raise the minimum salary thresholds for the FLSA's white-collar overtime exemption, finding that the rule exceeded the agency’s statutory authority. Login Required.
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IRS’s Vehicle Loan Interest Deduction Rule Finalized
The IRS has finalized regulations clarifying the vehicle loan interest deduction, including eligible loan expenses, vehicle qualifications, reporting requirements, and taxpayer responsibilities. -
Question of the Week: Money Services Business
Learn whether precious metals dealers qualify as MSBs and what Bank Secrecy Act requirements and reporting obligations may apply. -
Question of the Week: Executor Access to POD Account Records
A POD designation does not prevent an executor from accessing a deceased member’s account records when proper documentation is provided. -
Question of the Week: Deleting Chats
Credit unions should carefully consider record retention requirements before deleting online member chats related to loan applications or banking services. -
Question of the Week: Rate Matching a Certificate of Deposit (CD)
Learn what credit unions should consider when matching a competitor’s certificate rate. -
Question of the Week: Deceased Member Accounts with Beneficiaries
Learn how credit unions should report unclaimed property for deceased member accounts with designated beneficiaries and incomplete identifying information. -
Question of the Week: ATM Robbery Footage
Know what can be shared with law enforcement when an ATM burglary leads to a SAR filing. -
Question of the Week: Garnishment of Accounts
Credit unions may provide factual information about a garnishment but should not provide legal advice or determine a member's exemption rights. -
Updated Guidance: NCUA Reporting May Now Be Warranted Following the TruStage Cyber Incident
Credit unions should establish clear AI policies and educate boards on protecting confidential information, member privacy, and regulatory compliance when using public AI tools. -
Question of the Week: Possible OFAC Hit
OFAC regulations do not prohibit notifying a customer of a possible match, but financial institutions generally wait until the review is complete as a compliance best practice.
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