Compliance Center: VISA Card Issuers Must Offer Transaction Alert Capability by October

Compliance Center: VISA card issuers must offer transaction alert capability by October; also, question on FFIEC Cyber security Assessment Tool and legal briefs.

Card Fraud Myth Busters: Five Common Misperceptions Your Members May Hold

Do your members believe these myths about card fraud? CO-OP Financial Services shares some common misunderstandings about fraud, and offers important solutions.

Card Fraud Myth Busters: Five Common Misperceptions Your Members May Hold

Do your members believe these myths about card fraud? CO-OP Financial Services shares some common misunderstandings about fraud, and offers important solutions.

For Elfcu, CO-OP Debit Processing Opens the Door to a World of Access for Members

Debit card processing anchors the PFI experience at Elfcu, but the service doesn’t stop there. Elfcu’s relationship with CO-OP enables a world of access, from CO-OP Shared Branching to CO-OP ATMs, mobile deposits, credit processing, a member call center and more.

Multiple Agencies Release Interagency Statement on Maximum Flood Insurance Coverage

Federal agencies, including the National Credit Union Administration (NCUA), have released an interagency statement on the increased maximum flood insurance coverage for other residential buildings. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “When do we need to obtain an appraisal?”

Appeals Court Overturns Merchant Challenge to Fed’s Interchange Cap Rule

A U.S. Court of Appeals overturned a lower-court ruling today that supported merchants’ arguments in the ongoing debate over the interchange fees financial institutions charge for accepting card-based transactions. The Fed’s cap on “swipe fees” is not too high, the court ruled.

The Shift Toward Self-Service: What Does it Mean to Credit Unions?

Consumers have become used to conducting many of their day-to-day tasks using a self-service channel, from self-check lines at the grocery store to renting movies through a Redbox outlet or checking a flight’s status at an airline kiosk. How can credit unions capitalize on the trend?

FRB Releases Regulation D 2014 Reserve Requirements

The Federal Reserve Board has announced the annual indexing of the amounts used in determining reserve requirements of depository institutions and deposit-reporting panels effective in 2014.

Compliance Question of the Week

Do mobile banking transfers require a receipt?

New ACH Rules Boost Credit Union Member Safety

New Automated Clearing House rules that will provide broader ACH protections for credit union members will go into effect on March 15, 2013.

Reminder: Unlimited Share Insurance Set to Expire Dec. 31

Temporary unlimited share insurance coverage for noninterest-bearing transaction accounts was one of the provisions that came out of the Dodd-Frank Act, and unless Congress passes legislation to amend the current rules, it will no longer be available beginning Jan. 1, 2013.

Compliance Question of the Week

What activities are considered “suspicious” when I’m considering whether or not to file a SAR?

Appraisals: A Tale of Two CFPB Proposals

The CFPB has issued two rulemaking proposals regarding appraisals, both of which come as a product of the Dodd-Frank Act.

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?

Re-sequencing Debit Transactions Earn Banks Negative Attention, Profits, Record Penalties

As banks settle multimillion-dollar lawsuits for illegal overdraft policies, credit unions are now being brought into the fray and may soon face the same type of attention and penalties as their for-profit cousins.

Federal Reserve Board Responds to Merchants’ Claims in Interchange Suit

The Federal Reserve Board filed a response Friday in a federal court in Washington, D.C., to merchants’ arguments for summary judgment in their lawsuit challenging the board’s debit card interchange fees rule mandated by the Dodd-Frank Act.

Legal Briefs

Your weekly update on the regulatory landscape.

Currency Transaction Report Aggregation for Businesses with Common Ownership

FinCEN is issuing guidance to clarify, for currency transaction reporting purposes, the aggregation of multiple transactions conducted by businesses with common ownership.