L&T Bulletin: 2021 IRS Form 990 Instructions
Illinois Chartered Credit UnionsInstructions for Completing 2021 IRS Form 990
ALL ILLINOIS CHARTERED CREDIT UNIONS MUST FILE ONE OF THE FOLLOWING IRS 990 FORMS BY MAY 15, 2022:
• IRS form 990-N, Electronic Notice (e-Postcard), if a credit union’s average gross income is$50,000 or less; • IRS form 990 Return (long-form) if average gross income is greater than ...
Board Governance: So Underestimated!
By: Kevin Shaw, Senior Regional Director
Governance has been defined as: The system by which entities are directed. It provides structure and processes for decision making, accountability, and behavior at the top of an entity. Governance of our industry has always been its backbone due to a credit union’s purpose and philosophy. With increasing external factors ...
By: Ashley Sharp, VP, State Advocacy and Legislative Counsel
Bank On programs across the country have grown in popularity, with municipalities and state governments partnering with local financial institutions as well as the Cities for Financial Empowerment Coalition to expand access to consumer-friendly financial products and services. The Illinois Bank on program was established following legislation ...
By: Shannon Basile, Director of Compliance
As a continuation of my last blog regarding the Social Security Administration’s (SSA) Representative Payment Program, I wanted to discuss another federal benefit payment program, the Veterans Benefits Administration’s VA Fiduciary Program. Like the SSA’s Representative Payment Program, the VA’s Fiduciary Program will appoint a fiduciary to assist those who ...
Changes to the 5300 Call Report
By: Joni Senkpeil, SVP, Member Solutions
In 2016, the NCUA began a comprehensive review of the Call Report to modernize the agency’s data collection efforts and increase efficiencies. As a result of this review, the NCUA published several changes to the March 2022 Call Report (due April 30, 2022).
The new Call Report form includes improvements from ...
FinCEN’s RRP Recovers Over a Billion Dollars for U.S. Victims of Cyber-Enabled Financial Crimes
By: Joni Senkpeil, SVP, Member Solutions
FinCEN recently published an update regarding its Rapid Response Program (RRP) to highlight the results of its efforts to work with U.S. law enforcement (FBI, U.S. Secret Service, Homeland Security Investigations, and the U.S. Postal Inspection Service) and foreign partner agencies to recover more than $1.1 billion for U.S. victims ...
Regulatory Required Succession Planning Could Be Coming Soon
By: Robin Hollis, Community Development Officer
According to the Credit Union Executive Society, 40% of credit union CEOs have reached retirement age in the past five years. Yet only one in five credit unions have developed a succession plan. NCUA’s proposed rule on succession plan seeks to change that.
At its first open meeting of 2022, the ...
It pays to prepare for the worst. RecoveryPro can help!
By: Kari Osier, Compliance Specialist
The new RecoveryPro is here! Disruption or loss of access to core business functions can have severe consequences for credit unions and their members. Business continuity planning does not question the odds of a disruption happening, but looks at the impact these disruptions may cause, then makes plans and preparations accordingly.
RecoveryPro ...
CFPB Updated Electronic Fund Transfers FAQs and P2P Payments
By: Shannon Basile, Director of Compliance
Last December the Consumer Financial Protection Bureau (CFPB) published several updates to its Electronic Fund Transfers FAQs, one of which clarified a financial institution’s responsibility regarding P2P transfers.
The FAQs are broken down into the following topics:
Coverage: Transactions
Coverage: Financial Institutions
Error Resolution
Error Resolution: Unauthorized EFTs
The first topic confirms that a P2P or mobile ...
Illinois Community Reinvestment Act Update
By: Ashley Sharp, VP, State Advocacy and Legislative Counsel
Over the past year, ICUL has been actively engaged in next steps following the passage of the Illinois Community Reinvestment Act. Following the enactment of the legislation, we issued a Compliance Blog outlining the industry’s concerns with the legislation (click here). In the months that followed, we met with the ...