Compliance Blog

The State of Illinois created the Safety Deposit Box Opening Act to help ensure that burial arrangement documents or a will left in the safe deposit box of a deceased person could be accessed. The Act provides specific guidelines for lessors, like credit unions, and individuals wishing to examine a deceased person’s safe deposit box ...

We recently had a question as to whether it is permissible to pledge funds in an UTMA account for a loan. In a fiduciary relationship, a custodian only has possession of the asset but not otherwise — a custodian has possession but no power. The custodian has a fiduciary duty to only use the money in ...

Fraud is any intentional act or omission designed to deceive others, resulting in the victim suffering a loss and/or the perpetrator achieving a gain. The primary reasons why fraud occurs are pressure to do whatever it takes to meet goals, to seek personal gain as well as not considering their actions fraudulent. All organizations are subject ...

Project Zip Code has been a very useful tool over the years for both CUNA and State Leagues (including the Illinois CU League).  We have used the information to keep Legislators informed on the voting strength of credit unions throughout the Nation. Keeping the Legislators informed of the number of members in their district has been ...

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 ...

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 ...

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 ...

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 ...

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 ...

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 ...