Compliance Center: VISA Card Issuers Must Offer Transaction Alert Capability by October

VISA Card Issuers Will Need to Offer Transaction Alert Capability by October

Credit unions that issue VISA cards will need to ensure that they offer Transaction Alerts to their members by October 14, 2016.

VISA requires that US Issuers provide their cardholders with the option to participate in Transaction Alerts per the VISA Product and Service Rules

The mandate applies to debit, credit, and reloadable prepaid cards. Credit unions have several options for complying with this requirement. They can offer the alert services themselves, through a third-party service provider, a VisaNet Processor, or (for a fee) through the Visa Transaction Alert Services

Compliance Question of the Week

Is there a usable version of the FFIEC Cyber Security Assessment Tool?

We have decided to use the FFIEC’s Cybersecurity Assessment Tool to help determine and mitigate our level of risk. The FFIEC has made the assessment tool available in a PDF format, but we need a version that allows us to fill it out electronically. Are there any Excel versions available?

We haven’t seen a fill-able PDF version released by the FFIEC at this time. However, your Association has created an Excel version of the worksheets so that credit unions could complete and store an electronic version of the risk assessment.

The Excel version is available via our Cybersecurity Resource Page under “Regulatory Resources” or in InfoSight under “Resources.”


Cybersecurity Resource Page

FFIEC Cybersecurity Assessment Tool

Legal Briefs

National Credit Union Administration (NCUA)

As a result of the NCUA’s April Board meeting, Chairman Matz, Vice Chairman Metsger, and Board Member McWaters released prepared statements on the incentive compensation rule.

The NCUA posted the results of its April 2016 Board Meeting. The NCUA approved two proposed rules, one on occupancy rule changes and another on the incentive compensation rule for credit unions with assets over $1 billion.

The video recording of the NCUA’s March 2016 open meeting is now available.

The April 2016 issue of the NCUA Report is now available. This issue features information on the recent changes to the Military Lending Act.

Consumer Financial Protection Bureau (CFPB)

CFPB Director Cordray issued prepared remarks regarding the CFPB’s Payday Lending Report.

The CFPB released its Online Payday Loan Payments report, detailing the methods used by online payday lenders for recovering payments associated with the loans. The report details how borrowers end up paying hefty fees when they are unable to make their payments to the payday lender via ACH debits.

Federal Reserve Board (FRB)

The FRB announced that it will implement new procedures for its examiners to conduct off-site loan reviews for small community and regional banks.

U.S. Department of the Treasury (Treasury)

The Financial Stability Oversight Council released its Statement on Review of Asset Management Products and Activities. The statement focuses on risks relating to liquidity and redemption, leverage, operational functions, securities lending, and resolvability and transition planning.   

The Treasury announced plans for the new $20, $10, and $5 bills. Notably, the new $20 bill will feature a portrait of Harriet Tubman.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of April 19, 2016. The last update prior to this was April 15, 2016.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, Federal, NWCUA.