NCUA Letter 16-CU-03 Annual Privacy Notice Requirement

The NCUA issued Letter 16-CU-03 clarifying their position on the annual privacy notice requirement as a result of the changes to the Gramm-Leach-Bliley Act (GLBA).  We previously blogged about the requirements at https://complianceservicesgroup.com/annual-privacy-notice-requirement/. The Letter states: Based on the amendment, your credit union need not provide an annual privacy notice if: Your policies and practices have not changed since your … Read More

Same-day ACH Rule FAQs

The Federal Reserve published a list of frequently asked questions regarding the same day ACH transactions effective September 2016. The questions cover the three-implementation phases, operator processing schedule, same day entry fee and accounting, and limits, among other topics. More information about the same day ACH rule is available at https://complianceservicesgroup.com/same-day-ach-rule-nacha/.

FI counsel to discuss “alternative” offers re: Home Depot/Visa settlements

Reprinted from http://news.cuna.org/articles/109120-fi-counsel-to-discuss-alternative-offers-re-home-depotvisa-settlements 01/15/2016 ATLANTA (1/15/16)–A conference call is set for Wednesday for financial institution plaintiffs–which includes credit unions–regarding settlement offers from Visa regarding the Home Depot data breach lawsuit. Counsel for the financial institutions who brought the class action are hosting the call, which is set for 2 p.m. (ET). The call will discuss alternative recovery offers (AROs) that Visa … Read More

New Savings Bond Guide

The Treasury has issued an updated version of The Guide to Cashing Savings Bonds. The Guide in provided in an interactive PDF format and covers authenticity and eligibility, customer entitlement, identify verification, required identification documents and payment. The Guide replaces all past versions of this document.

Target Data Breach Settlement Website

A Target Data Breach Settlement website has been released providing information for financial institution class members of the Target data breach litigation. The website includes settlement terms, frequently asked questions, claim instructions and an on-line claim application. CLAIMS MUST BE FILED ONLINE (OR POSTMARKED FOR MAIL) ON OR BEFORE MARCH 22, 2016. If the credit union has not previously released … Read More

Cyber-Related Sanctions

The OFAC list is being updated to include persons engaging in significant malicious cyber-enabled activities. These entries on the OFAC list will include the identifier “[CYBER]”. Property in accounts held by listed persons should be placed in a blocked account, and transfers involving listed persons should be refused – similar to other entities on the OFAC list. This implements Executive … Read More

OCC Semiannual Risk Perspective Report

The Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective Report providing OCC supervisory concerns.  Leading concerns are strategic, underwriting, cybersecurity, compliance and interest rate risks. Highlights included in the report are: Many national banks and federal savings associations continue to face strategic challenges to growing revenues to meet target rates of return in a slow-growth, … Read More

IRS Criminal Investigation Releases Fiscal Year 2015 Annual Report

The Internal Revenue Service released its IRS Criminal Investigation (CI) annual report, reflecting significant accomplishments and enforcement actions taken in fiscal year 2015.  Focusing on tax-related identity theft, money laundering, public corruption, cybercrime and terrorist financing, IRS CI initiated 3,853 cases in FY 2015. The report includes a section on the IRS Illegal Source Financial Crimes Program, which includes all, … Read More

Amendments to the Telemarketing Sales Rule

The amendments include prohibiting four specific payments methods used by telemarketers and changes related to the National Do Not Call Registry. The prohibited payment methods include: Cash-to-Cash money transfers – where cash is received from one person and transferred to another person in a different location and received in cash. This includes services like Moneygram or Western Union. Cash reload … Read More

Annual Privacy Notice Requirement

Disclosure of Nonpublic Personal Information 15 USC 94 On December 4, 2015, President Obama signed the “Fixing America’s Surface Transportation Act” (“FAST Act”) which provides relief to financial institutions regarding providing an annual privacy notice. The Gramm-Leach-Bliley Act (GLB Act or GLBA) is a statute that, among other things, governs the privacy and sharing of nonpublic personal information.  Regulation P … Read More