Compliance Blog

By: Shannon Basile, Compliance Analyst In April the Financial Crimes Enforcement Network (FinCEN) issued its FAQs regarding the CDD requirements for financial institutions. The guidance provides clarification on many aspects of the new rule. Specifically, the steps financial institutions must take to be in compliance when doing business with legal entities. This blog will cover a sample ...

By: Patrick Smith, SVP Regulatory Affairs I hope everyone is having a wonderful summer.  Since we have reached the mid-year point, I thought it would be a good time for Illinois credit unions to revisit and reflect on NCUA’s Top Supervisory Priorities for 2018.  Many of these priorities (if not all of them) will likely carry into ...

By: Katherine Romano Schnack, VP Legal, LSC There has been much discussion recently about the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act (“the Act,” formerly S. 2155, now P.L. 115-174), enacted on May 24, 2018.  Parts of the Act amended various requirements instituted by the Dodd-Frank Wall Street Reform and Consumer Protection ...

By: Joni Senkpeil, Vice President Compliance Solutions If you’re an air traveler you’ve likely seen the signs at the airport notifying you that the Transportation Security Administration (TSA) will start enforcing the REAL ID ACT requirements to pass through the airport security checkpoints. This Act, mandated by the Department of Homeland Security (DHS), establishes minimum security standard ...

By:  Mary Anne Colucci, LSC Director Fraud & Risk Account updater services enables the electronic exchange of updated account information (account number and expiration date changes, and account closures and contact cardholder advices) among participating issuers, acquirers and merchants that process transactions using credential-on-file (COF) data. The card associations, Visa and MasterCard require U.S. debit and credit ...

By: Shannon Basile, Compliance Analyst As I approach my first anniversary with the Illinois Credit Union League I wanted to focus my blog on a question I frequently receive from credit unions. What types of power attorney (POA) documents can an Illinois credit union accept?  Credit unions regularly face the challenge of determining whether or not a ...

By: Ashley Sharp, VP State Advocacy & Legislative Counsel Illinois’ unclaimed property law was passed in 1961, and was re-written in 2017, with the new Revised Uniform Unclaimed Property Act going into effect on January 1, 2018.  (765 ILCS 1026) The new Act contains sweeping changes to the process by which property is identified as presumed abandoned and ...

By: Patrick Smith, SVP Regulatory Affairs Illinois has one of the most favorable field of membership “FOM” provisions in the country.  This is a major reason why Illinois also still has the largest number of State-chartered credit unions in the nation.  The most important advantage in the Illinois field of membership rule allows for a credit union ...

By:  Katherine Romano Schnack, VP Legal, LSC I presented at our recent annual convention on the importance of internal controls and fraud prevention, with a focus on embezzlement.  It generated some excellent conversations so I wanted to share the topic in this blog as well. The NCUA has identified internal controls and fraud prevention as a supervisory ...

By: Mary Anne Colucci, LSC Director Fraud & Risk EMVCo has reported that at the end of 2017 54.6% of all cards issued globally were EMV enabled. During 2017, the number of EMV payment cards in circulation increased by 1 billion to a total of 7.1 billion EMV cards worldwide.  Approximately 63.7% of all card present ...