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CUNA-League System Reaffirms Support for Revised FOM Rule Despite ABA Challenge

The suit challenges the NCUA’s authority to interpret and issue rulemakings on field of membership broadly granted by Congress in the late-90s.

62 Credit Unions Agree to Late-Filing Penalties

Three Northwest credit unions are among 62 that agreed to pay penalties for filing late Call Reports, the NCUA reports.

Compliance Question of the Week

What do we do if a member says he is filing bankruptcy and we just received a garnishment?

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?

Serial Suit Filer Strikes Pennsylvania Credit Union with ADA Violation

Taking advantage of new laws trying to keep up with rapidly changing technology, one person in Pennsylvania is repeatedly filing claims against financial institutions over Title III violations. On May 9 he struck $128 million Century Heritage FCU.

Two Michigan Credit Unions Settle ATM Lawsuits

Less than two weeks after North Coast Credit Union became the first Northwest credit union hit with an opportunistic lawsuit regarding ATM fee posts, two Michigan credit unions settled similar suits in federal court.

Mortgage-fraud SARs Increased in the Third Quarter of 2011

FinCEN recently reported that 19,934 mortgage loan fraud SARs were filed during the third quarter of 2011, representing a 20-percent increase over 2010’s third-quarter total and 10 percent of all SARs filed during the quarter.

Notice Regarding How to Correct or Amend Paper Bank Secrecy Act Forms

Due to business process changes resulting from FinCEN’s BSA IT modernization, paper form instructions that pertain to filing corrections or amendments have changed.