Also, a collection of legal news from the federal regulatory arena, and this week’s compliance question, answered.
NCUA provides updated guidance on enhanced share insurance coverage for IOLTA and other similar escrow accounts; your question answered about safe deposit boxes and BSA compliance, plus this week’s legal briefs.
Register for important webinars; your question answered about guardian’s access to ward’s safe deposit box; plus legal briefs.
The NCUA lays out the top 10 cyber security areas its examiners may focus on, plus legal briefs and the question of the week.
Sick children in all of the nation’s Children’s Miracle Network Hospitals can continue learning while they’re hospitalized, thanks to a partnership between Credit Unions for Kids and the National Credit Union Foundation. The Northwest Credit Union Foundation is providing resources to the six hospitals in this region.
The NCUA has issued a new regulatory alert to remind credit unions of the compliance requirement for the CFPB’s Ability to Repay/Qualified Mortgage Rule. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What happens if the person who is renting a safe-deposit box passes away? Who has access?”
Credit unions and chapters can enhance the financial education opportunities for patients and families at the Northwest’s Children’s Miracle Network Hospitals by sponsoring a specially designed box set of Biz Kid$ DVDs.
What happens if the person who is renting a safe deposit box dies?
Rumors that Department of Homeland Security agents are allowed access to safe deposit boxes without first presenting a warrant or a subpoena authorizing entrance have resurfaced online, but according to the NWCUA’s David Curtis, DHS “has issued no such memo, and we don’t expect that we will see anything even remotely similar to this in the future.”
Are we required to implement policies and procedures specifically relating to safe deposit boxes and Bank Secrecy Act (BSA) monitoring? We have heard rumors that the NCUA is asking credit unions to produce and monitor reports that monitor safe deposit box activity.
Due to the American Taxpayer Relief Act of 2012, the mortgage insurance premium deduction has been reinstated, meaning members may deduct premiums for mortgage insurance from their taxes for the tax years 2012 and 2013.
Does a CTR need to be filed when you know a member is placing more than $10,000 in a safe deposit box?
NWCUA Marketers’ Conference participants were given many tools to improve their skills. Session leader Kelley Parks inspired participants to not be held back small budgets; urging them to step outside the confines of traditional messaging and marketing.
Fresh off the start of its fifth season, the first four seasons of “Biz Kid$” are now available on DVD. The PBS financial literacy program was created in collaboration with the Washington Credit Union Foundation and is still filmed in Seattle.
What happens if the person who is renting a safe deposit box dies? Who has access?
What’s up with the Pew Model Disclosure Box for checking accounts?
A member died some months ago. None of his accounts, including the safe deposit box, shows any beneficiary or joint owners. Nobody has come in claiming to be the personal representative. What should we do with the safe deposit box?
We have a deceased member who had a safe deposit box. The executor has proper letters of testamentary, but we now have a beneficiary claiming that the property in the box belongs to them. What should we do?