Compliance Blog

By: Pat Voss, AVP Member Outreach Are you as tired as I am of all of this “new normal” pandemic talk? As you know, this COVID-19 pandemic instantly changed everyone’s lives and in the blink of an eye all of us migrated to learning new terms, new social behaviors, and of course, new guidelines and ...

By: Kari Osier, Compliance Specialist Fraudulent wire transfers are becoming a growing concern for credit unions. Hackers and criminals are using various techniques to take over control of funds. Recently, CUNA Mutual Group sent out a Risk Alert detailing compliance concerns with wire transfers and E-signatures and we have received various questions regarding this topic. Illinois ...

By: Shannon Basile, Compliance Analyst As credit unions look to restore operations based on current COVID-19 guidelines, many have decided to create a written plan outlining new procedures to be followed. The focus will be creating a safe environment for staff and members. Some regulatory agencies have issued guidance to assist businesses and employers as ...

By: Stephen R. Olson Olson Government Consulting, LLC Per guidance issued by the IRS, the ERC is a “refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020 and before January 1, 2021”. Qualified wages up to $10,000 per employee can be ...

By: Kari Osier, Compliance Specialist We have been tracking data privacy legislation in Illinois and other states. With the CCPA having become effective only a few months ago, a lot of states jumped right out of the gate this year with their own proposed data privacy legislation. Quite a few are modeled off of the CCPA, ...

By: Joni Senkpeil, SVP, Member Solutions As you know, the Coronavirus outbreak has been making headlines around the globe and while federal health officials stress that current risk remains low in the United States, they are reminding Americans to start taking precautions. Here are some tips: The Centers for Disease Control and Prevention (CDC) provides a list ...

By: Shannon Basile, Compliance Analyst There will be several NACHA rule changes in 2020. Below are details about some important rule changes to be aware of. Effective March 20, 2020 Same Day ACH Dollar Limit Increase Same Day ACH dollar limit will increase from $25,000 to $100,000 to better serve a larger segment of ACH payments. According ...

By: Robin Hollis, Regional Director Retail and medical sales of Marijuana grew 38% globally, reaching $16 billion in 2019. On its’ first day of recreational marijuana sales dispensaries in Illinois recorded sales of $3.2 million. While marijuana sales are legal in Illinois and many other states they are still illegal federally. Unfortunately, federal guidance ...

By: Pat Voss, AVP Member Outreach This blog post has nothing to do with compliance headaches, regulatory or legislative matters or important operational updates. Instead, this blog post is a change of pace and a nostalgic look back on some of our Illinois League Chapters’ historical background and the dedicated men and women that laid ...

By: Kari Osier, Compliance Specialist The attached 2019 Overview is provided to our credit unions as a benefit of membership in the Illinois Credit Union League. A brief summary is given for each rule that potentially affects your operations. To view the Overview, click here. For more detailed information, contact the ICUL Compliance team at 1-800-942-7124.