Compliance Blog

Illinois employers are required to display two new posters. The first poster is entitled “You Have the Right to Be Free from Job Discrimination and Sexual Harassment”. This poster was issued in September by the Illinois Department of Human Rights pursuant to Public Act 100-0588. A copy of the poster can be downloaded here. The second poster ...

By: Shannon Basile, Compliance Analyst A joint statement was issued by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), on October 3, ...

By: Kari Osier, Compliance Specialist Last month, the Supreme Court granted a writ of certiorari in a TCPA case which could have a tremendous impact on TCPA litigation, and the judiciary’s power to interpret agency rules. The Court is set to address issues concerning the interplay between the FCC’s interpretive authority under the Hobbs Act ...

By: Katherine Romano Schnack, VP Legal, LSC The holidays are an especially popular time for skimmers, the devices used in ATMs and gas station pumps to steal credit and debit card information.  Fraudsters target gas station skimmers during the holidays because the more people travel by car, the easier it is to steal a great deal ...

By: Mary Anne Colucci, LSC Director of Fraud and Risk Fraudsters are leveraging Informed Delivery, a new service offered by the U.S. Postal Service (USPS), to commit identity theft and payment card fraud. Informed Delivery allows the USPS to provide a digital preview of mail that is scheduled to arrive. In Michigan seven people were arrested for allegedly ...

By: Stephen Olson, EVP & Chief Advocacy Counsel ANALYSIS Whether a public agency may invest public funds in a share account or share certificate (cumulatively, “share certificates”), issued by an Illinois chartered credit union. ISSUE 1. Credit Union Issuance of Share Certificates to Public Agencies. Deposits in a credit union are referred to as “shares” and shares are statutorily defined ...

By: Shannon Basile, Compliance Analyst Credit unions often receive requests to change the ownership of a member’s account into a trust.  Determining the proper documentation required for creating a trust account can be difficult, especially if the member is unwilling to provide copies of the actual trust. The good news is the Illinois Trusts and Trustees Act ...

By: Kari Osier, Compliance Specialist NCUA Issues Letter to Credit Unions Regarding Merger Rule Provisions Including Member-to Member (MTM) Communications Process The NCUA recently issued a Letter to Credit Unions (18-CU-03) to explain various provisions of the merger rule which went into effect on October 1, 2018. As part of that, the NCUA Office of Credit Union Resources and ...

By: Katherine Romano Schnack, VP Legal, LSC If your job responsibilities include staying on top of fraud trends, you know that it can be an overwhelming task.  There are countless news articles every day about data security and fraud related to financial institutions.  There are free—yes free—resources from the federal government that can help you raise ...

By: Ashley Sharp, VP State Advocacy & Legislative Counsel Over the years, changes have been made to licensure requirements under the Illinois Insurance Code, and as a result, recent clarification has been issued to ensure that financial institutions understand how licensure laws apply to their employees. Current law enables financial institutions to transact insurance business in Illinois, but requires ...