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.
Employers cannot discriminate on the basis of an employee’s status.
Northwest Credit Unions Provide Feedback; NWCUA Issues Comment Letter on Proposed Changes to Funds Availability Act
Credit unions unanimously express concern over proposed reduction of hold timeframes.
FinCEN shares the red flags, common terms, and activities that may indicate crime-related financial activity.
The proposal outlines minimum procedures that reflect common industry practices for testing accounts and controls over financial institution financial statements.
Experts agree a blanket policy of adding an amount should be avoided, but that credit unions should also ask questions.
Differences in opinions will continue until Department of Justice provides clear website expectations.
New Risk Management Council provides credit union professionals with information, discussion, and best practices to reduce areas of risk.