Several weeks ago, we blogged about recent changes the National Credit Union Administration (NCUA) made to the Form 5300 – also known as the “Call Report.” To recap: Beginning March 31, 2024, NCUA now requires credit unions with assets of $1 billion or more to report the income earned through overdraft fees and NSF fees …
As consumers expect an increasingly digital banking experience, the importance of Regulation E continues to grow. That regulation – which covers everything from debit card transactions to ACH and Peer-to-Peer (P2P) transfers – comes with a host of compliance requirements, as well as the potential for civil liability if the rules are not followed. In …
Regulatory Agencies Outline Regulation E Pitfalls Read More »
If you’re an avid watcher of the Consumer Financial Protection Bureau (CFPB or bureau) like I am, then you’ve no doubt been paying close attention to the bureau’s war on fees. As we’ve blogged about previously, the CFPB has been targeting nearly every type of fee – from overdraft and non-sufficient funds fees, to paper …
If you’ve been following regulatory compliance developments over the past 18 months or so, then you’ve likely noticed that the regulatory agencies have increased their scrutiny of certain fees charged by credit unions. While numerous fees have been targeted, the agencies have focused the most attention on overdraft and non-sufficient funds (NSF) fees. For the …
NCUA Call Report Update: Focus on Overdraft & NSF Fees; Penalties Resume Read More »
If your credit union issues credit cards or allows members to utilize peer-to-peer (P2P) payments, then you most likely interact with merchant category codes (MCCs). These four-digit codes denote the type of business involved in a transaction and are important to certain aspects of the financial services industry. For example, if a credit union offers …
In the Crosshairs: Firearms Merchant Category Code Read More »
Hello, Compliance friends! As we promised in our first blog post, this Compliance Blog will provide updates on important developments relating to credit union compliance. I’m a confessed Bank Secrecy Act (BSA) nerd, so naturally I’ve decided to focus my first post on a major recent development relating to BSA compliance: the recent final rule …
