DCU Bulletin B-16-17 Guidance on Money Service Businesses

On September 30, the DCU released Bulletin B-16-17, which provides Guidance on Money Service Businesses (MSBs). Operation Choke Point, and additional pushing from regulators, urged financial institutions to avoid offering services to specific businesses identified as high risk – such as money service businesses.  In late 2014, the DOJ and FDIC determined that they should not be doing this, and … Read More

Final Prepaid Account Rules Released

On October 4, the CFPB released its final rule for prepaid cards.  The rule will cover traditional prepaid cards, general-purpose reloadable cards, mobile wallets, person-to-person payment products, and other electronic prepaid accounts that can store funds.  Payroll cards, student financial aid disbursement cards, tax refund cards, and certain federal, state, and local government benefit cards such as those used to … Read More

Interagency Guidance Regarding Deposit Reconciliation Practices

On May 18th, the Banking Brotherhood (Federal Reserve System, CFPB, FDIC, NCUA and OCC) released guidance for institutions regarding deposit reconciliation practices. If you recall, last year the CFPB, OCC, and FDIC took action against Citizens Bank for failing to credit consumers the full amounts of their deposited funds.  “Citizens Bank regularly denied customers the full credits of their deposits … Read More

Elder Financial Exploitation Webinar

If it’s free, it’s me… On Wednesday, May 25 at 11:00, the CFPB will hold a webinar on how financial institutions can protect older consumers from financial exploitation.  The presentation will highlight a recent CFPB report, Recommendations and Report for Financial Institutions on Preventing and Responding to Elder Financial Exploitation.  We blogged about the report here:  https://complianceservicesgroup.com/cfpbs-advisory-report-financial-institutions-preventing-elder-financial-abuse/. Credit unions can … Read More

Washington Uniform Power of Attorney Act

The Washington State Legislature passed Senate Bill 5635, which repeals the Washington State Power of Attorney Act and replaces it with a slightly modified Uniform Power of Attorney Act. The Act is effective January 1, 2017. Credit unions should: Review the new allowances and requirements for POAs created after January 1, 2017 Plan on using the new Certification form beginning … Read More