InfoSight Spotlight: Direct Deposit Tax Refunds Limited to Three

As tax season approaches (begins January 29th) credit unions should keep an eye out for tax scammers. In an effort to combat fraud and identity theft, in 2015 the IRS began limiting the number of refunds electronically deposited into a single financial account or pre-paid debit card to no more than three. The fourth and […]

President’s Point

Over the years, updates to federal laws have protected credit unions from frivolous lawsuits on issues like a missing ATM placard or changes to your privacy notices. Now, the latest issue to make its way to the lawsuit arena is website compliance under the Americans with Disabilities Act (ADA). Recently, credit unions in Alabama and […]

InfoSight Spotlight: Business Continuity Planning: Board Responsibilities

A credit union’s board and senior management are responsible for overseeing the business continuity planning process, which includes: Establishing policy by determining how the credit union will manage and control identified risks; Allocating knowledgeable personnel and sufficient financial resources to implement the BCP; Ensuring that the Business Contingency Plan (BCP) is independently reviewed and approved […]

Washington Wire – Nov. 13, 2017

Both the House and Senate are in session this week. In addition to its work on tax reform, the Senate is also expected to take up a few nominations. The House of Representatives is scheduled to consider H.R. 4243, the VA Asset and Infrastructure Review Act of 2017, the Conference report to accompany H.R. 2810 […]

CFPB Roundtable to be held in Tampa

The Consumer Financial Protection Bureau (CFPB) will be in Tampa, FL, on Oct. 31 and will host a Roundtable discussion at the Hilton Tampa Downtown from 12:30 p.m. to 1:30 p.m. All credit unions from AL and FL are welcome to attend. The meeting with be hosted by CFPB Deputy Director David Silberman and Deputy […]

InfoSight Spotlight: Third Party Senders

NACHA, the Electronic Payments Association, amended its Operating Rules to require Originating Depository Financial Institutions (ODFIs) to identify and register their Third-Party Sender members. However, even credit unions that do not conduct third-party origination are still required to register and acknowledge that in a statement to NACHA. These changes become effective on Sept. 29, 2017, […]