Compliance Center: Credit Union Responsibilities When Returning Federal Payments

CUNA released the following article, which provides good insight into credit unions’ responsibilities when it comes to returning federal payments.

How CO-OP is Helping Launch Apple Pay

Credit unions are working hard to bring Apple Pay to their members, and CO-OP is running right beside them with expert assistance.

New Round of IRS Tax Exemption Automatic Revocation Letters May be Starting

Like zombies in a B-movie that just won’t go away, Northwest credit unions are once again finding letters on their doorsteps informing them that their tax exemption is on the IRS’ list for automatic revocation.

Compliance Question of the Week

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

Federal Home Loan Bank of Seattle Reports Return to Profitability

The Federal Home Loan Bank of Seattle released its latest three- and six-month financial results Monday, reporting a return to profitability as well as the restoration of normal operations after suffering losses during the same periods in 2011.

Compliance Question of the Week

We received a Notice of Reclamation from the Social Security Administration… but the member is still alive. In fact, he’s standing right in front of me. What should I do?

IRS Releases the Dirty Dozen Tax Scams for 2012

The IRS has issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

Compliance Question of the Week

What should be done if an IRS refund direct deposit went into the wrong account?

Compliance Question of the Week

Would we use the executor’s Social Security Number on an estate account as opposed to the deceased member’s? Would this decision be due to IRS Ruling 84-73?

The Fed Proposes Amendments to Regulation CC Regarding Collection of Checks and Availability of Funds

The Federal Reserve Board requested public comment on proposed amendments to Regulation CC to encourage banks to clear and return checks electronically, add provisions that govern electronic items cleared through the check-collection system, and shorten the “exception” hold periods on deposited funds.

Western CUNA Management School Accepting Applications

Western CUNA Management School (WCMS) is now accepting applications for the 2011 session.