Compliance Blog

By: Shannon Basile, Compliance Analyst On September 14, 2020 the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued Final Rule RIN 1506-AB28 requiring banks and credit unions without a federal regulator to apply minimum standards for its anti-money laundering (AML) programs. The final rule also includes the customer identification program and beneficial ownership ...

By: Pat Voss, AVP Member Outreach Were you aware, LSC has an outstanding professional marketing team ready to serve all asset size credit unions? Well, we do. The article embedded in this blog is compliments of our marketing team at LSC. The Benefits of Digital Marketing for Credit Unions During and After COVID-19: Reaching People Where ...

By: Kevin Shaw, Senior Regional Director How many times does reviewing and updating credit union policies turn into an event instead of a process? Your credit union is not alone. Reviewing policies is like cleaning out your cluttered garage, you feel accomplished after finishing it, BUT you won’t want to do THAT again for ...

By: Shannon Basile, Compliance Analyst The question of whether or not a credit union may offset a debt owed on a credit card account against a member’s deposit account has come up a few times over the past few weeks so I wanted to take this opportunity to discuss the rules surrounding this issue. Normally ...

By: Kari Osier, Compliance Specialist The California Attorney General (AG) recently issued proposed final regulations to implement the CCPA. Enforcement became effective on July 1, 2020, even though several industry groups asked for a delay so financial institutions could focus on COVID-19. The AG has stated it intends to prosecute businesses that do not comply; however, ...

By: Shannon Basile, Compliance Analyst Every year credit unions review branch security policies and procedures with staff to ensure a safe environment for employees and members. It is important to stay aware of current trends and use current events to make adjustments to procedures as needed. Unfortunately new robbery and security threats have surfaced as a ...

By: Joni Senkpeil, SVP, Member Solutions The Illinois Human Rights Act (IHRA) requires Illinois employers, employing at least one employee, to provide annual sexual harassment prevention training by December 31, 2020 and annually thereafter. The Illinois Department of Human Rights (IDHR) is charged with producing a model sexual harassment prevention training program aimed at the prevention ...

By: Kari Osier, Compliance Specialist Click here to view an updated list of the required credit union signage and applicable law or regulation.

By: Shannon Basile, Compliance Analyst The compliance team has received several questions regarding a credit union’s liability for unauthorized transactions when the credit union can prove the member’s negligence contributed to the loss. Logic would indicate that the credit union would not be liable as long as it could prove the member’s negligence caused the ...

By: Robin Hollis, Regional Director In this week’s blog, ICUL’s Regional Director Robin Hollis provides a review of the laws put in place to protect our human rights. Click here, to view the comprehensive list and additional resources.