MSB Refresher

The NCUA released its February 2016 issue of the NCUA Report. The Report contains a good overview of the requirements for credit unions if they offer accounts to Money Service Businesses. While credit unions are allowed to provide accounts and services to MSBs, the credit unions must have proper controls in place to identify and manage the risks inherent with … Read More

In the legislature

Washington and Oregon’s legislature is back in session after the holidays, and both states have a couple bills that, if enacted, would have impact on credit unions. In Washington, Senate Bill 5635 would repeal Washington’s Power of Attorney Act and replace it with a modified Uniform Power of Attorney Act – which 18 states have currently adopted.  This bill is … Read More

CFPB Takes Steps to Improve Checking Account Access

Through a field hearing on checking account access, the release of an announcement and Compliance Bulletin 2016-01, the CFPB encourages financial institutions to provide lower-risk accounts to consumers that either do not want, or are unable to qualify for an account, that provides overdraft protection. The releases contain a number of items related to this topic. Lower-Risk Product Offering The … Read More

The IRS Wants Your Help

U.S. Treasury Asks Financial Institutions to Encourage Customers to Use Direct Deposit for Tax Refunds The Fiscal Service and the Internal Revenue Service (IRS) have been working collaboratively to increase direct deposit for the upcoming 2016 tax filing season. Together we have developed the key social media messages that we are asking you to use in order to encourage your … Read More

Proposed changes to CTR

FinCEN seeking input on proposed changes to improve the layout of the CTR form. FinCEN is proposing a number of technical changes to the CTR (or BCTR – Bank Secrecy Act Currency Transaction Report) to allow for alternative reporting models that have developed since the current CTR was created. The proposed changes include reports filed by a parent company on … Read More

Cybersecurity Resources

The FDIC’s Winter 2015 Supervisory Insights includes an article on framework for cybersecurity.  With cybersecurity being a focus for both the NCUA and the DFI in 2016 exams, along with the risks associated with cyber threats, the article is a good read for credit unions (even if it is published by the competition). The article describes the evolving cyber threat … Read More

FTC ID Theft Website

The FTC has updated its website to include a simplified step-by-step checklist directed at specific types of identity theft that consumers may be facing. When a consumer initiates a response plan through IdentityTheft.gov, the site automatically generates affidavits and prefills letters and forms to be sent to credit bureaus, businesses, police, debt collectors and the Internal Revenue Service. Should a … Read More

Enhanced Share Insurance Coverage

The NCUA issued Letter 16-RA-02 that discusses the enhanced insurance coverage for IOLTA, real estate escrow, and prepaid funeral accounts. The letter also includes an attachment – Guidance on Enhanced Share Insurance, which provides more information. The letter states: Dear Board of Directors and Chief Executive Officer: As of January 27, 2016, three types of credit union accounts are eligible … Read More

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

DCU 2016 Exam Focus

The Division of Credit Unions has published Bulletin B-16-02, which establishes their exam focus for 2016. The bulletin lists four focus areas for 2016: Cybersecurity This goes hand-in-hand with NCUA’s focus of cybersecurity risks. The DCU hired Security Compliance Associates (SCA) to assist them in performing IT security examinations. The main differences that credit unions will see in the Division’s … Read More