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.
Anthem
Compliance Center: Recent Series of Lawsuits Focus on Website Inaccessibility
There have been an increasing number of demand letters and lawsuits against businesses (colleges, retailers, hotels, and financial institutions) alleging that the businesses’ websites are not accessible to people with disabilities.
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.
IRS Releases Revised ‘Certificate of Foreign Status’ Form for Individuals
The IRS has a issued a new form that individuals who are not U.S. citizens or resident aliens can use to claim an exception from information reporting and backup withholding for certain types of income, including financial-institution deposit interest. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “What should be done if the direct deposit of an IRS refund went into an account that doesn’t belong to the intended recipient?”
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.
Post I-502: Opening a Business Account for Canna-Business?
The fact that marijuana will soon be legal to possess in Washington, but remains illegal under federal law presents an interesting situation for financial institutions being approached by would-be dispensary owners looking for an MBL or other business services. But would providing those services be legal?
CFPB Solicits Financial Industry Insider Informants
According to Richard Cordray, individuals with information on potential violations of federal consumer financial laws will now have “a direct line of communication” with the CFPB.
Compliance Question of the Week
We have a member who is both hearing and sight impaired. They are telling us that under the ADA laws, financial institutions are required to have TTY lines. Is this correct?
Oregon Legislative Week in Review
Staff and credit union executives testified in support of the Credit Union Modernization bill for 45 minutes. The next step is a committee vote before the bill goes to the floor.
Opening a business account for medical marijuana operation?
Both Oregon and Washington States have statutes that legalize medical marijuana, and special interest groups and activists have plans to file initiatives and legislation to expand the legality of marijuana. So, what are the rules for providing services?