Question of the Week
Cornerstone is responsive to your credit union’s compliance needs. Our Information Central Hotline fields your compliance questions daily, and each week we include a Question of the Week inspired by what we’re hearing from our credit unions in our InfoSight Newsletter, along with its corresponding answer.
The Question of the Week is based on an actual question the team received that week, a frequently asked question, hot topic, new resource, proactive reminder of something you are required to do, or a refresher. This page acts as a repository for Questions of the Week where all Cornerstone members have access as a dues benefit.
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Question of the Week: CU Reporting BOI
Apr 26, 2024Does my credit union need to report its own beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN)? -
Question of the Week: MLA and SCRA
Apr 19, 2024Are the Military Lending Act (MLA) and Servicemembers Civil Relief Act the same thing? -
Question of the Week: Compliance Calendar
Apr 12, 2024I am looking for a Compliance Calendar. Do you know where I can find one? -
Question of the Week: Paper Statement Fee
Apr 5, 2024Can our credit union charge a fee for paper statements as an incentive for members to sign up for free e-statements? -
Question of the Week: Returned Deposit Item Fee
Mar 29, 2024If a member deposits a check that is returned unpaid, can the credit union have a blanket policy where we charge the member a fee? -
Question of the Week: CIP Account Opened by POA
Mar 22, 2024Who is the member/customer when an account is opened by an individual who has power of attorney? -
Question of the Week: BSA, OFAC training, and Cornerstone
Mar 15, 2024Does Cornerstone offer free Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) training? -
Question of the Week: IRS levies and member funds
Mar 8, 2024Does an IRS levy apply to a member’s funds that are deposited after the levy is received? -
Question of the Week: How the CAN-SPAM Act applies to credit unions
Mar 1, 2024What is the CAN-SPAM Act, and does it apply to credit unions? -
Question of the Week: Section 314(b) and information sharing
Feb 23, 2024What is 314(b) voluntary information sharing under the USA Patriot Act/Bank Secrecy Act? -
Question of the Week: NCUA 2024 Supervisory Focus on Overdraft Programs
Feb 16, 2024Will the National Credit Union Administration (NCUA) 2024 supervisory focus on overdraft programs be limited to large credit unions? -
Question of the Week: Networking with your CU peers
Feb 9, 2024 -
Question of the Week
Feb 2, 2024With fraudulent Treasury checks circulating, what are some resources I can use to verify the Treasury checks we are being presented with are valid? -
Question of the Week: Educate members on romance scams
Jan 19, 2024Valentine’s Day is approaching. Are you aware of any materials we can share with our members to educate them so they don’t fall for romance scams? -
Question of the Week
Jan 12, 2024Our credit union continues to receive solicitations regarding the Employee Retention Credit (ERC). Are credit unions eligible for the ERC? What are some resources available regarding this topic? -
Question of the Week
Dec 22, 2023Is our credit union required to notify our business account members of the new Beneficial Ownership Information (BOI) reporting requirements? -
Question of the Week
Dec 15, 2023Have there been any changes to Reg D since the 4/28/2020 Interim Rule from the Federal Reserve? -
Question of the Week
Dec 8, 2023Are we always required to provide provisional credit to a member who files a Regulation E dispute? -
Question of the Week
Dec 1, 2023Our credit union is looking for information we can share with our members regarding how the probate process works. Are you aware of such a resource? -
Question of the Week
Nov 17, 2023What types of transactions does the Office of Foreign Assets Control (OFAC) regulations cover?