Various WCUL forms updated

League forms are only available in .pdf format, by annual subscription. Other than a few fillable fields, League forms are not customizable. Credit unions must review the forms to make their own determinations of whether the forms are suitable for their use, consistent with their own policies and procedures.  Accuracy is important. If any WCUL form is not suitable, the credit union should utilize the services of one of the national form companies that have some capability of customizing their forms.

Please review this Compliance Courier and the sample form images before ordering your forms.

Please be sure that one person, authorized by your credit union, reviews the current Credit Union Forms Terms & Conditions and submits an acknowledgment electronically as soon as possible. 

Current subscribers to the updated WCUL forms will automatically receive the new versions in the coming weeks as part of their annual maintenance license agreement. 

Credit unions that are not currently subscribed to these forms may purchase them from The League online at theleague.coop > Solutions > Credit Union Forms. Please review this Compliance Courier, Purchasing League Forms 101, and the instructions on how to purchase & download new forms on the storefront page. To avoid errors, it is very important that you always make sure you are successfully logged into our website with your member credentials before attempting to make any purchase(s). Prices for each form are indicated in your shopping cart at the time of purchase.
 
For questions about use of the forms, please call The League’s Compliance Hotline at (608) 640-4050 or email the Compliance Mailbox. For questions or issues with purchasing and downloading the forms on our website, please contact Jeff Bonk. 
 

Here are more complete descriptions of the form updates, with links to sample images. Most of the following forms do not have line-by-line instructions, but references to appropriate rules and ii Releases are provided below.  Descriptions and samples for all League forms are also available on our website and in the online store. A PDF summary listing of all League forms and their latest revision dates can be downloaded here.

Sample.

This form has various minor edits. Most significantly, the updated form may be used when the POA agent certification is signed or notarized in another state. The League’s ii Release No. 0168 provides guidance on powers of attorney, including the benefits provided under Wisconsin law for use of the Agent’s Certification.  Exhibit C of the ii Release includes a sample completed copy of the form. This form is authorized by Wis. Stats. § 244.62 with protections described at Wis. Stats. § 244.19(4)(a). 

Form #81018 now includes a blank space to indicate the state in which it is executed, rather than having “Wisconsin” preprinted. The form provides a space for the notary seal “if any.” If this agent certification form is signed and notarized in Wisconsin, the notary seal must be included. If it is signed and notarized in another state, please consult the laws of that state about whether a seal is required.
 

Discontinued for insufficient sales.

Regulation B requires information for monitoring purposes to be requested whenever a credit union receives an application for credit primarily for the purchase or refinancing of a dwelling occupied or to be occupied by the applicant as a principal residence, where the extension of credit will be secured by the dwelling.

The WCUL form for this purpose is replaced by a sample in Exhibit A of ii Release No. B041 – Reg. B – Equal Credit Opportunity. This Reg. B version is not in compliance for use under Reg. C. Home Mortgage Disclosure Act. The Reg. B form is governed by 12 CFR § 1002.13.
 

Sample.

This form is revised to clarify that when the form is used to record a name change, it is limited to a name change due to an adoption, change of marital status, or court order. The form is not designed to add new owners or remove old owners from the account.

The revised form now accommodates updated information for up to three joint owners. It includes spaces to note State/Issue/Expiration of D.L. (or state ID), and to list updated mobile phone and email addresses.

The spaces for Social Security Numbers and the instruction about whether all owners must sign to authorize changes have been removed from the form. The latter issue should be set by CU procedures, and may vary depending on the circumstances. The form is briefly described in ii Release No. 0002 – WCUL Membership and Account Forms.
 

Sample.

The WCUL automatic transfer request form (#81035) documents account owners’ and borrowers’ authorizations for automatic transfers from a particular (1) share account or (2) line of credit they identify to pay any item or transaction drawn on insufficient funds on any account they own.

As with any overdraft protection measures, the credit union must address the applicable regulatory requirements and disclosures. It must take care that all related agreements and disclosures are consistent and accurate in describing actual overdraft practices. For example, see the following resources:

The internal transfers authorized by this form are typically governed by Wis. Stats. Ch. 410 (UCC Article 4A), rather than Reg. E. See ii Release No. 0127 – Funds Transfers Under UCC Article 4A for guidance on that law.

The form has various edits to the text and format to improve clarity. It now has separate signature lines for transfers from a line of credit and transfers from an asset account.

The form includes a statement that the covered transfers are subject to the disclosed fees and policies of the credit union as amended from time to time. The optional clause used to decline overdraft protection is removed. The form is revised to only authorize transfers from one account and/or one line of credit, not multiples of each type of source.
 

Sample.

This WCUL form is used as the account agreement when funds are owned by a minor (for this law, age 21 or less) with an adult as custodian under the Wisconsin Uniform Transfers to Minors Act (Wis. Stats. §§ 54.854–54.896).

An unnecessary clause is removed from the terms and conditions paragraph of the form. The terms and conditions are also tweaked to state that the accountholder, by signing, agrees to the terms and conditions of the listed agreements/disclosures and agrees to any amendments to those documents that the credit union may make from time to time.

The TIN certification on the back of the form is updated to include spaces for FATCA and exempt payee codes in case needed for FATCA compliance.

The TIN Certification is required by law to tell the taxpayer to strike clause #2 if the account owner has been notified by the IRS that they are currently subject to backup withholding because they have failed to report all interest and dividends on the tax return. Now a checkbox has been added with an instruction that the taxpayer should mark if they strike the critical language. The checkbox may be mapped to alert the credit union that backup withholding may be required.

This form is briefly described in ii Release No. 0002 – WCUL Membership and Account Forms, including Exhibit A – WCUL account documentation checklist. The compliance requirements of the Uniform Transfers to Minors Act are described in ii Release No. 0012 – Custodial Accounts Under UTMA & Services for Minors. On The League’s website you can view the form #81036 instructions.
 

Sample.

The reference to Trust-Credit Union Agreement in the Terms and Conditions is changed to the more generic term, Certification of Trust. The form is revised to have the accountholder also acknowledge receipt of and agree to the terms and conditions of the following agreements/disclosures and agree to any amendments to those documents that the credit union may make from time to time.

The TIN Certification now has a checkbox for the taxpayer to mark if they have been notified by the IRS that they are currently subject to backup withholding because they have failed to report all interest and dividends on the tax return. The checkbox field may possibly be mapped by your data processor to alert the credit union that backup withholding may be required.

This form is described in ii Release No. 0002 – WCUL Membership and Account Forms, including Exhibit A – WCUL account documentation checklist. Overall guidance on business accounts and their documentation is provided in ii Release No. 0161 – Organization Accounts. There are no substantive changes to the form #81057 instructions.
 

Sample.

The terms and conditions are tweaked to state that the accountholders, by signing, agree to the terms and conditions of the listed agreements/disclosures and agree to any amendments to those documents that the credit union may make from time to time.

The TIN certification on the back of the form is updated in regard to FATCA compliance. The TIN Certification also now has a checkbox for the taxpayer to mark if they have been notified by the IRS that they are currently subject to backup withholding because they have failed to report all interest and dividends on the tax return. The checkbox field may possibly be mapped by your data processor to alert the credit union that backup withholding may be required.

This form is described in ii Release No. 0002 – WCUL Membership and Account Forms, including Exhibit A – WCUL account documentation checklist. The rules for POD designation, joint account survivorship, and agent designations are provided in Wis. Stats. Ch. 705 – Subchapter I. But disposition of accounts upon the death of a natural person are more clearly summarized in ii Release No. 0004 – Release of Decedents’ Accounts. There are no substantive changes to the form #82024 instructions.
 

Sample.

This form is revised by removing the federal Notice to Cosigner text, plus other minor changes. The federal Notice to Cosigner is now offered as a separate form, #83007 Notice to Cosigner. The fillable fields on this particular form are now set to display bold text.

The form is designed to aid in compliance with the Wisconsin Consumer Act, specifically Wis. Stats. § 422.305 and Wis. Admin. Code DFI-WCA 1.341 It is also used to assist with compliance with Wis. Stats. § 428.103(1)(b), for certain loans secured by a first lien real estate mortgage loans or equivalent security interest. It is described in ii Release No. B007 – Credit Practices Rule.

This form does not itself create liability for the cosigner.  Be sure to have the cosigner either sign the note as cosigner or else sign a separate written guaranty form from a reputable compliance form vendor.
 

Sample.

This form is revised by adding updated contact information (below) for Regulation B (ECOA) regulatory agencies. Use of forms with the updated addresses is mandatory, effective March 20, 2024.

The CFPB is added as a regulator for credit unions that exceed $10 billion in assets. And it gets tricky if a credit union affiliate (CUSO) needs to give the adverse action notice as a lender. All affiliates would list the Federal Trade Commission (FTC) as a regulator, but if they are affiliated with a credit union over $10 billion, they must also list the CFPB as a regulator.

[  ] Bureau of Consumer Financial Protection, 1700 G Street NW, Washington DC 20552, for credit unions with total assets over $10 billion and their affiliates.

[  ] National Credit Union Administration, Office of Consumer Financial Protection (OCFP), 1775 Duke Street, Alexandria, VA 22314, for other federal credit unions.

[  ] Federal Trade Commission, Consumer Response Center, Washington, DC 20580, for credit unions not listed above and all credit union affiliates.

There are no similar changes to these other adverse action forms offered by The League because they are not used for credit related transactions and consequently are not subject to the Regulation B requirement to list enforcement agencies:  

Sample.

This form is used for adverse actions on deposit accounts that are based in whole or in part on information in a credit report. It is revised to clarify that it cannot be used if the deposit account has a credit feature attached. In that case, use WCUL #82029 Adverse Action Notice (Credit-Related Transactions).

This form is subject to the adverse action notice requirements of the Fair Credit Reporting Act (FCRA) at 15 U.S.C. § 1681m. Those requirements are summarized on page 6 of ii Release No. 0126 – Fair Credit Reporting Act.

Since this form is not to be used for credit-related transactions, it should not be subject to the Regulation B requirement to list enforcement agencies. As a result, it is not affected by the enforcement agency contact information updates that are being made to WCUL #82029 – Adverse Action Notice (Credit-Related Transactions).
 

Sample.

This form is revised by fixing a typo in paragraph (a). The fillable fields on this form are now set to display bold text. The federal Notice to Cosigner text is removed from this form. The federal Notice to Cosigner is now offered as a separate form, #83007 Notice to Cosigner.

The form is based on Wis. Stats. § 422.305, Wis. Admin. Code DFI-WCA 1.341 and DFI-WCA 1.35. It is also used to assist with compliance with Wis. Stats. § 428.103(1)(b), for certain loans secured by a first lien real estate mortgage loans or equivalent security interest. It is described in ii Release No. B007 – Credit Practices Rule.

This form does not itself create liability for the cosigner.  Be sure to have the cosigner either sign the note as cosigner or else sign a separate written guaranty form from a reputable compliance form vendor.
 

Sample.

This is a new, single-page, 8½ x 11-inch form. It is used for open or closed-end forms with cosigners or guarantors, using language previously included in the Explanation of Personal Obligation forms. 

Both the NCUA and FTC issued preemption determinations years ago saying the Notice to Cosigners is not required on Wisconsin Consumer Act loans where the WCA Explanation of Personal Obligation is required. But the Notice to Cosigners is generally required for cosigners on non-Wisconsin Consumer Act loans if for a personal, family or household purpose. The notice applies to real estate loans other than purchase-money.

The Notice to Cosigner requirements for state-chartered credit unions are found in the FTC Credit Practices Rule at 16 CFR Part 444.3. The NCUA repealed its rule for the Notice to Cosigners that was once included in 12 CFR § 701.21. But the agency announced that it still expects credit unions to avoid the practices that were forbidden by the rule. The old rule forbade granting a loan to a cosigner without providing the Notice to Cosigner, so federal credit unions apparently must still provide the notice. The Notice to Cosigner is described in ii Release No. B007 – Credit Practices Rule.

This form does not itself create liability for the cosigner.  Be sure to have the cosigner either sign the note as cosigner or else sign a separate written guaranty form from a reputable compliance form vendor.