Compliance Blog

By: Pat Voss, AVP Member Outreach This article appeared in the American Credit Union Mortgage Association (ACUMA) Pipeline magazine, on December 10, 2020, and was written by Concepcion Guerrero, MGIC Marketing Program Specialist and furnished by the CUNA Mutual Group for the Illinois Credit Union League and LSC to share with Illinois member credit unions.  This and ...

By: Ashley Niebur Sharp, VP State Advocacy & Legislative Counsel Members of the 102nd Illinois General Assembly were sworn in on January 13, and the Illinois House elected a new Speaker, Emanuel Chris Welch. Almost all session days were canceled in February, however, activity continued as both the House and Senate bill filing deadlines occurred at the ...

By: Shannon Basile, Compliance Analyst Regulation Z is such a fun regulation to read, said no one ever. The relationship between the rules for billing errors and special credit card provisions is important to understand in order to determine what rules apply to various credit card disputes. Specifically, where the two sections include language that create confusion regarding ...

By: Joni Senkpeil, SVP, Member Solutions From time to time, we receive questions regarding regulatory expectations based on asset size.  In response, we’ve created guidance to help you facilitate compliance. Keep in mind, the regulatory landscape and compliance expectations are continuously evolving which may alter the attached guidance.

By: Robin Hollis, Regional Director Most credit unions have kept a firm handle on maintaining a healthy Net Worth ratio as required by state and federal regulation.  However, it never fails that every few years or so something out of their control comes along and shifts the tied.  Planning for the unexpected can be difficult when ...

By: Shannon Basile, Compliance Analyst On January 19, 2021, the Financial Crimes Enforcement Network (FinCEN) issued answers to frequently asked questions regarding SAR filings and other AML considerations with other federal regulators, including the NCUA. The topics covered include: Requests by law enforcement to maintain accounts where the financial institution has identified suspicious activity; A financial institution’s responsibility to file ...

By: Ashley Niebur Sharp, VP State Advocacy & Legislative Counsel Illinois legislators returned to Springfield for a “lame duck” session of the General Assembly on January 8-13, prior to new legislators being sworn into office. Priorities during the final days of the 101st General Assembly centered around the Legislative Black Caucus Agenda pillars: (1) Criminal Justice Reform; ...

By: Patrick Smith, SVP Regulatory Affairs As we start the new year, I wanted to make sure all our credit unions get off to a great start by reviewing NCUA’s top Supervisory Priorities for 2021. As in the past, many of these priorities are continued from previous years as they are still extremely relevant with respect to ...

By: Kari Osier, Compliance Specialist The attached Compliance Calendar provides compliance deadlines for the calendar year 2021. The Calendar is also posted on the League website in the Compliance section under Tools & Resources. 2021 Compliance Calendar  

By: Shannon Basile, Compliance Analyst Recently, the ICUL compliance team has received some questions regarding the proper way to respond to a subpoena. Specifically, when the subpoena is unclear or did not provide the credit union with a reasonable amount of time to respond. When reviewing and responding to a subpoena, it is important to understand all the ...