Compliance Center: Members Wanting to Open Accounts Without Providing Any Taxpayer Identification Number

Setting the record straight on identification required to open accounts; your question answered about identifying non-U.S. persons under CIP; plus this week’s legal briefs.

Compliance Question of the Week

When can a member waive the right of rescission?

Compliance Question of the Week

What do we do when a fraud claim is filed but the member wrote their pin on their debit card?

Compliance Question of the Week

Is a change in terms notice required to start charging non-members for check cashing?

Compliance Question of the Week

Can a credit union send a member a credit card even though it has not been requested by the member?

Compliance Question of the Week

If our member gave someone his credit card number to make an online purchase and that person takes the number and purchases several other times against the Visa, what is the credit unions liability? Would we have to refund the member for the purchases that were made with the Visa, or would the member need to take action against the person who made the transactions against their account?

Compliance Question of the Week

Is the monthly email we send to members telling them their statement is available online covered by the FTC’s CAN-SPAM rules?

Compliance Question of the Week

The SAFE Act provides for a de minimus exception of five or fewer residential loans during the last 12 months. Is that a rolling 12 months or a calendar year?

Compliance Question of the Week

Can a credit union provide life insurance for its board members?

Compliance Question of the Week

If our members write their personal identification number (PIN) on their debit cards, and thieves use the PIN to take money out of the account, do we still have to pay even though the members’ own negligence caused the loss?

Compliance Question of the Week

How is it that the NCUA is enforcing the SAFE Act on state chartered credit unions?

Compliance Question of the Week

What is the difference between the FACT Act rules for risk based pricing notices published by the Federal Reserve board (12 CFR 222) and those by the Federal Trade Commission (16 CFR 640)?

Compliance Question of the Week

Which logo do I use: equal housing opportunity or equal housing lender?