Garnishment Rules for Accounts Receiving Certain Federal Benefit Payments
By: Robin Hollis, Regional Director ICUL
According to the US Census Bureau, In 2011 almost half of all Americans lived in a household that receive a direct benefit payment from the government and about 27% of this group lived below the poverty level. Extreme financial hardship can be caused by garnishing funds from individuals whose only ...
Parts of TCPA Rule Overturned by US Court of Appeals
By: Kari Osier, Compliance Specialist
After nearly two and a half years following the appeal of the Federal Communication Commission’s (FCC) July 2015 Order, the U.S. Court of Appeals for the D.C. Circuit issued its decision in ACA International v. Federal Communications Commission on March 16, 2018. The appeal addressed the following issues:
Which devices constitute an ...
Keeping Board Members Compliant
By: Kevin Shaw, Regional Director
A credit union’s board of directors has a variety of duties and responsibilities which includes obtaining proper training. Some of this training is suggested while some is required by regulation. We want to make sure to keep you compliant so let’s talk about those trainings that are required compared to some ...
Bank Secrecy Act – Risk Based Approach to Compliance
By: Pat Voss, Assistant Vice President – Member Outreach
Federal and State regulatory examination of credit unions compliance with the Bank Secrecy Act (BSA) has grown significantly over the years and continues to be at the top of examiner priorities when visiting credit unions. One of the more common BSA regulatory exam findings is a lack ...
Dealing with Testamentary Trust
By: Shannon Basile, Compliance Analyst
Recently I’ve had a few credit unions ask about testamentary trust. Specifically, what are they and what information should a credit union obtain before opening one.
A testamentary trust is an estate planning tool that is established as part of a last will and testament. Section 4-4 of the Illinois Probate Act ...
By: Rick Goluszka, Regional Director
The NCUA has a new resource for credit unions. On January 7th, 2018, the Office of Credit Union Resources and Expansion (or C.U.R.E.) was created. CURE was established during the NCUA’s Realignment strategy to become more efficient. The primary initiative for CURE is: “Let us help you grow”. This new resource ...
By: Kari Osier, Compliance Specialist
We have never had to enforce flood insurance, does a member need to have whole house or just carry enough to cover their loan with us?
Section 760.3(a) of the NCUA Regulation states the amount of flood insurance required “must be at least equal to the lesser of the outstanding principal balance of ...
By: Mary Anne Colucci, LSC Director Fraud & Risk
A fallback transaction occurs when a chip card is used at a chip terminal, but the transaction does not result in a full EMV transaction, and is completed as either a magnetic-stripe read or key-entered transaction. Issuers are liable for counterfeit fraud resulting from fallback transactions.
There are ...
What To Do When Your Email Has Been Hacked
By: Gary Peck, Regional Director
Your computer was most likely compromised in one of four ways:
1. You do not have up-to-date security software installed
2. Your passwords are weak and easily hacked
3. You click on a malicious link in an email, IM conversation, or on a social networking site or webpage
4. You download a video, game, song or attachment
Steps to follow:
1. Check your ...
Statement on CFPB Prepaid Rule as of December 27, 2017
By: Katherine Romano Schnack, Senior Compliance and Corporate Counsel
The Illinois Credit Union League (ICUL) and LSC provide the following update to our credit unions on the status of the Prepaid Rule issued by the Consumer Financial Protection Bureau (CFPB).
On December 21, 2017, the CFPB issued a statement that it plans to delay the April 1, 2018 ...