Author name: Nick St. John

NCUA Call Report Update: Focus on Overdraft & NSF Fees; Penalties Resume

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 …

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In the Crosshairs: Firearms Merchant Category Code

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 …

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Breaking Down the New BOI Access Rule

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 …

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