The ICUL Compliance Team is very happy to introduce our newest team member, Shannon Basile. Shannon has joined us as a Compliance Analyst, and will be available to our ICUL member credit unions to help with compliance questions. Shannon has over twenty years of experience working in the financial industry. Her main focus has been ...
Federal Court Rules Website Accessibility Standard Applies to Places of Public Accomodation
We have received questions from a number of our credit union members about the legal requirements for credit union website accessibility for the visually impaired. Until last week, there was no clear guidance on the standard that would be applied to credit union websites. Now for the first time, a federal court has ruled that ...
Federal Reserve Board Amends Regulation CC and Issues Proposal
Recently, the Federal Reserve Board (FRB) issued a final rule amending Regulation CC, Availability of Funds and Collection of Checks (12 CFR Part 229), which implements the Expedited Funds Availability Act of 1987, and the Check Clearing for the 21st Century Act of 2003 , and the official staff commentary. The FRB initially proposed the ...
New & Amended Sections to the Personal Information Act.
The Personal Information Protection Act (815 ILCS 530/) was amended by changing Sections 5, 10, and 12 and adding Sections 45 and 50. Effective January 1, 2017. The highlights follow:
Section 5. Definitions. “Health insurance information” and “medical information” newly defined “Personal information” amended to include:
An individual’s name that is encrypted or redacted but the keys ...
NCUA Updates Policy Regarding Delivery of Audit Reports
Based upon a recommendation made by NCUA’s Office of Inspector General, NCUA has updated its policies regarding how and when audit reports are reviewed by examiners. The policy change will affect all federally insured credit unions. Going forward, expect examiners to request that audit reports prepared by external auditors be sent directly to the ...
Transactional Alerts Requirements to Help Reduce Fraud
The payments system is increasingly dynamic and the risks associated are becoming more complex. Providing a method for cardholders to quickly identify suspicious purchases on their accounts through the use of transaction alerts is a proven method to lessen fraud.
A Visa study showed that transaction alerts can help reduce fraud by up to 40% while ...
Picture your director’s in a meeting with State or Federal Regulator’s and the regulators are discussing the credit unions financial performance and asking directors specific questions about the credit unions financial performance ratios and trends. Picture your director not comprehending what the regulators are discussing or asking. At that point, you might be saying to ...
Reverse Mortgage Lending in Illinois
Credit unions engaged in reverse mortgage lending, or interested in offering that line of lending to their members in the future, should be aware of changes in Illinois law governing the topic. Effective May 1, 2017, the Illinois Department of Financial and Professional Regulation has adopted amendments to the Illinois Administrative Code governing state based ...
It is finally official! After a lengthy but worthwhile process for all, the NCUA Board approved IDFPR’s new Member Business Lending “MBL” rule during their April 20, 2017 meeting. The board’s action was necessary to provide unity and parity with NCUA’s MBL rule which has been in effect since January 1st, 2017. The revised Illinois ...
Statement on CFPB Prepaid Rule
The Consumer Financial Protection Bureau (CFPB) has delayed the effective date of its Prepaid Rule for six months, to April 1, 2018. The Prepaid Rule would amend Regulation E to add requirements for general purpose reloadable prepaid cards. These new requirements would not apply to gift cards. The requirements of the Prepaid Rule would include:
New ...