Also, the latest legal briefs from the federal level and your compliance question of the week, answered.
NCUA letter focuses on federally insured credit unions as originating lenders in indirect lending arrangements; your question answered about Social Security payee accounts; plus this week’s legal briefs.
What is a representative payee?
What is a Social Security Representative Payee Account, which members require one and how should the accounts be established?
The beneficiary on a Representative Payee account has requested a loan. What do we do? Can the beneficiary use the SSI payments this way?
Can a credit union allow a mother acting as representative payee for her sonâ€™s SSI checks to deposit them into a UTMA account, if she is not the custodian on the account?
Should representative payees be allowed to negotiate checks made out to the beneficiary of the accounts they oversee?
How long does a stop payment order remain in effect?