We run into a lot of confusion over the use of the terms dividends and interest in credit union account advertising and disclosures. Federally chartered credit unions cannot offer interest-bearing deposit accounts, only dividend-bearing accounts. State chartered credit unions can offer dividend-bearing or interest-bearing accounts, and in some cases both, depending on state law and… Read More »
We get asked this question frequently, and it comes down to the definition of banks and financial institutions in the Financial Crimes Enforcement Network’s (FinCEN’s) Bank Secrecy Act requirements under Regulation X. Regulation X sets the groundwork for Bank Secrecy Act (BSA) requirements and applies to “financial institutions.” Financial institutions include among others, banks, brokers… Read More »
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