Compliance Question of the Week

What happens if a tax refund was automatically deposited into the wrong account?

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

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.

Northwest Credit Unions Outpace Banks in Year-Over-Year Deposit Increases

The most recent available data shows that Northwest credit unions’ deposit market share has remained steady in recent years, showing slight growth since 2010, while year-over-year deposit increases since 2011 show signs of economic recovery and credit union membership growth.

GoBankingRates Study Credits TwinStar with Nation’s Best Savings Interest Rate

According to a study of savings accounts at more than 4,000 financial institutions, TwinStar Credit Union offers the highest savings account interest rate in the nation with its Planned Savings account, a program that encourages members to develop good savings habits.

Reminder: Unlimited Share Insurance Set to Expire Dec. 31

Temporary unlimited share insurance coverage for noninterest-bearing transaction accounts was one of the provisions that came out of the Dodd-Frank Act, and unless Congress passes legislation to amend the current rules, it will no longer be available beginning Jan. 1, 2013.

Oregon Credit Unions Submit Groundbreaking Paperwork to Accept and Safely Hold Public Funds

Five Oregon credit unions have submitted the required notice and paperwork with the Oregon State Treasury to allow them to accept and safely hold large public fund deposits. New collateral protection will allow credit unions to accept public deposits above the current $250,000 beginning April 1, 2013.

Compliance Question of the Week

Does a CTR need to be filed when you know a member is placing more than $10,000 in a safe deposit box?

CUNA’s Magill Tells Reuters that TAG, MBL Bills May Move in Combination

An article in Reuters yesterday about the banks’ push to extend TAG coverage quoted CUNA’s John Magill, who said senators have indicated that “marrying TAG, which the banks really want, with the MBL bill, which we are lobbying for, would work.”

Compliance Question of the Week

We are starting to offer Remote Deposit Capture to our members. Is there some sort of Reg CC deposit availability disclosure we need to provide?

Portland Continues ‘Responsible Banking’ Push as Unitus Receives Public Funds Deposit

Unitus Community Credit Union reported receiving a public funds deposit from the city of Portland in June, marking the third Oregon credit union to take such a deposit as part of the city’s recently passed Responsible Banking Resolution.

High-Yield Checking Becoming Loss Leader in Exchange for Banking Relationship

Community banks have teamed up to offer a product that credit unions have used successfully for decades to attract consumers to a banking relationship. High-yield checking accounts are bringing smart consumers through the doors.

Connect to the Future of Credit Unions with Mobile Banking

Strategic Link business partner CSCU explains how offering mobile banking can allow credit unions to reach more members more effectively while positioning themselves as leaders in a growing industry.

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.

Compliance Question of the Week

Who is the “member/customer” when an account is opened by an individual who has power of attorney (POA)?

Compliance Question of the Week

If we open an estate account, do we qualify the executor or the deceased member for eligibility?

Washington Public Funds Bill Passes Senate

SB 5913—the Public Funds Bill—passed the Washington State Senate Thursday evening by a vote of 43-2 with four excused. The NWCUA is crediting attendees of last week’s Washington State GAC in Olympia with making the critical final push.

Mayor Adams Seeks Comment on Responsible Banking Resolution, Bonamici Pushes MBL Agenda

Portland’s mayor is seeking input on a Responsible Banking Resolution, which recommends Oregon credit unions be allowed to accept public funds. Meanwhile, Rep. Suzanne Bonamici will be sworn in today and continues to emphasize raising the MBL cap.