Guidance helps credit unions identify and report suspicious activity related to virtual currency misuse.
The Sanctions Compliance Program consists of five essential components.
Updates reduce regulatory burden, improve clarity, and make compliance easier.
Existing regulation governing compensation for member loans and lines of credit are outdated.
Strategic Link partner, Farleigh Wada Witt, discusses overdraft fee litigation and shares recommendations to guide credit unions.
A change of address notice does not satisfy validation requirements of card issuers’ rules.
Credit unions are advised to ensure industrial hemp operation members comply with licensing, testing, and other state requirements.
Until CECL becomes effective, credit unions must continue to follow current Allowance for Loan and Lease Losses methodology.
Past recipients report receiving thousands of dollars in refunds; qualifying small credit unions must file by May 15 deadline.
Recommendations help credit unions prepare for implementation.
Katie Clark, your Association’s Director of Regulatory Affairs and Risk Management, dives into what credit unions can do to detect these scams.
Employer reports and payments for Q1 and Q2 due in July.
Changes to cards will enhance security; distribution begins this month.
Watch for several red flags, including multiple direct deposit tax refund payments.