Compliance Center: FFIEC Joint Statements on Risk Mitigation and NFIP Program Changes

Important cyber-security statements; your question answered on the SAFE Act de minimus exception; plus this week’s legal briefs.

Compliance Center: IRS Issues Proposal to Eliminate 36-Month Non-Payment Requirement From Form 1099-C

IRS proposes change to 1099-C; joint account question; and Legal Briefs.

CFPB Report on Small Debit Purchases and Overdraft Charges

The CFPB is concerned about how consumers will be impacted by opting in to overdraft services for one-time debit card and ATM transactions. Also in the Compliance Center: legal briefs and the question of the week.

Northwest Credit Unions Stir up the Pot; Make Joint Super Bowl Wager to Colorado Counterparts

The NWCUA has offered a high-stakes Super Bowl wager to the Mountain West Credit Union Association. In the unlikely event the Broncos win Sunday, Troy Stang and Debie Keesee will treat the MWCUA to some genuine Northwest smoked salmon.

Legal Briefs

Your weekly update on the regulatory landscape.

Compliance Question of the Week

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

Compliance Question of the Week

How do we handle a garnishment for someone with multiple types of accounts? Our Compliance Question of the Week works through the complexities.

Joint Committee Issues Tax Report

With tax reform under the microscope in Congress, the Joint Committee on Taxation released a report this week examining exemptions and other reform ideas. Credit unions were mentioned 35 times, according to an analysis by CUNA.

Compliance Question of the Week

Can an attorney in fact with a general power of attorney that allows them to open and close accounts, run transactions, etc., add themselves as a joint owner on an account of the principal?

Compliance Question of the Week

Does one joint owner on an account have the right to remove all of the money in the account?

Compliance Question of the Week

On an application we received indirectly from a dealer, I noticed there was not a section for a joint applicant to evidence his or her intent of being a joint applicant. Instead, there was fine wording at the bottom where the co-applicant affirmed the accuracy of the information and evidenced his or her intent to be joint applicant. Is this okay?

Compliance Question of the Week

Should I file a CTR?

Compliance Question of the Week

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

NCUA Addresses Garnishment of Accounts with Federal Benefits

The NCUA has offered guidance to help credit unions comply with a joint interim final rule that addresses garnishment of accounts that include federal benefits payments.

NWCUA President Delivers Joint League Letter to NCUA Chairman

Northwest Credit Union Association President Troy Stang Stang this week delivered a joint league letter to NCUA Chairman Debbie Matz expressing serious concerns about recent directives concerning the role, duties and protections of volunteer board members and calling for immediate reconsideration.