Compliance Center: CFPB Releases Winter Supervisory Highlights

Findings from recent CFPB examinations; your question answered on verifying names on direct deposit IRS refunds; plus this week’s legal briefs.

Compliance Center: CFPB Proposed Temporarily Suspending Credit Card Agreement Submissions

The bureau issued proposed rule to temporarily suspend requirement for card issuers to send in agreements; your question answered on verifying names on direct deposit IRS refunds; plus this week’s legal briefs.

Deadline Nears for Participation in 2014 Sprint Discount Program

Credit unions that want to earn non-interest income by offering Sprint discounts to their members have until June 1 to sign up for 2014 benefits. Some of the credit unions that participated last year received checks for more than $20,000.

FinCEN Issues Advisory on Tax Refund Identity Theft

Credit unions are critical in identifying tax refund fraud, and to assist credit unions in identifying potential cases, FinCEN has identified a number of red flags to bear in mind during tax season.

Mobile Remote Capture Deposit Best Practices

Strategic risk management is the key to safely and successfully offering mobile remote deposit capture, the latest “must-have” offering for financial institutions that enables consumers to use a smartphone’s built-in camera to deposit physical checks.

Compliance Question of the Week

Do certified checks ever go stale?

Compliance Question of the Week

One of our members has died and his executor wants to open a decedent account. He also wants a debit card to go with the checks. Is it OK?

Think Outside the Checkbox: Sleek New Package Ushers in New Era of Check Packaging and Storage

Check packaging is undergoing a revolutionary change thanks to Strategic Link business partner Harland Clarke, whose sleek, meticulously researched new check box, known as CheckFolio, is now available to credit unions.

Catalyst Corporate Preparing to Launch Lockbox Service

Catalyst Corporate Federal Credit Union is taking steps to offer credit unions a secure and affordable alternative for processing lockbox payments, one that includes the ability to securely view all lockbox activity, images and reports online.

FinCEN Addresses Tax Refund Fraud Prevention and Detection

Credit unions are well positioned to discover instances of tax refund fraud, and FinCEN issued an advisory last week with several signs of potential fraud to be wary of in the coming weeks.

Olympia Credit Union Discovers Counterfeit Checks in Circulation

Olympia Credit Union alerted the Washington Department of Financial Institutions Monday that counterfeit checks bearing the credit union’s name are surfacing in the area. The checks are apparently being mailed from an area H&R Block branch.

Compliance Question of the Week

Can a credit union allow a mother acting as representative payee for her son’s SSI checks to deposit them into a UTMA account, if she is not the custodian on the account?

Compliance Question of the Week

Should representative payees be allowed to negotiate checks made out to the beneficiary of the accounts they oversee?

The Fed Proposes Amendments to Regulation CC Regarding Collection of Checks and Availability of Funds

The Federal Reserve Board requested public comment on proposed amendments to Regulation CC to encourage banks to clear and return checks electronically, add provisions that govern electronic items cleared through the check-collection system, and shorten the “exception” hold periods on deposited funds.

Bouncing Cashier’s Check Fraud Scams

This form of fraud is on the rise, and the victims are usually the people who can least afford to be taken.