Topic: Accounts
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Treasury proposes rules for 1% excise tax on remittances
COMMENT CALL: The U.S. Treasury has released proposed rules on the 1% excise tax on certain remittance transfers, as required by H.R. 1, formerly known as the One Big Beautiful Bill Act. Background […]
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FinCEN eases beneficial ownership verification at each new account opening
NEWS: Under the 2016 Customer Due Diligence (CDD) beneficial ownership rules, credit unions must have written procedures to identify “beneficial owners” – the people who own and control “legal entity customers/members” – […]
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Wisconsin CUs back Round 1 of NCUA Deregulation Project
NEWS: Last week, The League filed comment letters on the four proposals in Round 1 of the NCUA’s Deregulation Project: We voiced our credit unions’ backing for an NCUA proposal to amend its regulations on […]
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League overhauls funds transfer agreement form
NEWS: The League has completely rewritten its Funds Transfer Agreement and Notice form (WCUL #81043, Rev. 2/26). Credit unions that currently subscribe to this form will automatically receive the new version […]
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CFPB seeks comments on “open banking” rule changes
COMMENT CALL: The Consumer Financial Protection Bureau (CFPB) has released an advanced notice of proposed rulemaking (ANPR), asking for public input on a rewrite it is considering for its so-called “open […]
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Three WCUL account forms updated
NEWS: The League has released updated versions of three account-related forms. Current subscribers to these forms will automatically receive the new updated versions in the coming days as part of […]
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Get ready for new remittance transfer tax & “Trump Accounts”
ANALYSIS: The One Big Beautiful Bill Act (H.R. 1), which was signed into law last month, included several provisions of interest to credit unions. We have already told you about the new requirement to report […]
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CUs should consider action steps in response to “debanking” executive order
ANALYSIS: By now, you’ve heard about President Trump’s recent executive order (EO) on “debanking.” The EO is intended to prevent financial institutions from denying services to anyone based on political or religious beliefs, […]
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CFPB says it will ask court to void “open banking” rule
NEWS: In a recent court filing, the CFPB said that it will soon ask a federal trial court in Kentucky to formally void the Bureau’s “open banking” rule. “After reviewing […]
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What is the status of pending federal regulations?
ANAYLSIS: As we all know, federal agencies under the Trump administration are now pulling back many recently issued regulations. If you’re having trouble keeping up with news about regulatory changes lately, […]