Compliance Center: Credit Union Responsibilities When Returning Federal Payments

CUNA released the following article, which provides good insight into credit unions’ responsibilities when it comes to returning federal payments.

Compliance Question of the Week

What happens if the person who is renting a safe deposit box dies?

Compliance Question of the Week

Can a business have a beneficiary?

Compliance Question of the Week

We have a member that has been missing for a long time. No one has been able to locate him, and now his family wants to close his accounts. What should we do?

Compliance Question of the Week

Regarding death of member account. We have the executor of the estate of our deceased member in to close the account. However, this account has a beneficiary, so the funds in this particular account go to the beneficiary; but can we give that information to the executor?

Compliance Question of the Week

We had a member who lived in Utah when he passed away. His personal representative has letters of testamentary granted from Utah. Can we turn over the assets to the personal representative based on those letters?

Compliance Question of the Week

We received a Notice of Reclamation from the Social Security Administration… but the member is still alive. In fact, he’s standing right in front of me. What should I do?

Compliance Question of the Week

How should I title an inherited IRA?

Compliance Question of the Week

What happens if the person who is renting a safe deposit box dies? Who has access?

Compliance Question of the Week

Should a deceased member’s account(s) continue to earn dividends?