Topic: Accounts
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FinCEN provides “informal” guidance on completing CTRs for deposits into business accounts
Here’s a question that a that a Wisconsin credit union recently asked The League’s Legal Affairs team, along with our answer. Do you have a compliance question? Contact The League’s Compliance […]
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FinCEN issues “notice to customers,” a beneficial ownership information reference guide
NEWS: On July 26, 2024, FinCEN released this Notice to Customers: Beneficial Ownership Information Reference Guide to answer questions about providing beneficial ownership information to financial institutions. FinCEN encourages financial institutions to share […]
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New state law covers ABLE accounts & other financial services
NEWS: Last week, Gov. Tony Evers signed into law Senate Bill 668, now 2023 Wisconsin Act 267. The new law, which is quite lengthy, requires the Wisconsin Department of Financial Institutions (DFI) […]
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League comments on CFPB’s plan to bar certain NSF fees
NEWS: Today, The League filed a comment letter on behalf of Wisconsin’s credit unions®, opposing a rule that would prohibit credit unions and other financial institutions from charging nonsufficient funds (NSF) fees when […]
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League comments on CFPB’s plan to bar certain NSF fees
NEWS: Today, The League filed a comment letter on behalf of Wisconsin’s credit unions®, opposing a rule that would prohibit credit unions and other financial institutions from charging nonsufficient funds (NSF) fees when […]
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Representative payee account and lending
Q&A: Here’s a question that a Wisconsin credit union recently asked The League’s Legal Affairs team, along with our answer. Do you have a compliance question? Contact The League’s Compliance Hotline […]
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Corporate Transparency Act declared unconstitutional, but BOI reporting still required here
NEWS: The 2021 Corporate Transparency Act (CTA) required FinCEN to publish rules, obligating certain companies to report “beneficial ownership information” (BOI) directly to FinCEN. Those rules became effective on January 1, […]
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Fed proposes to cut interchange fees on debit card transactions
COMMENT CALL: The Federal Reserve Board is proposing to significantly lower the cap on debit card interchange fees allowed under its Regulation II. Interchange fees are paid by merchants to debit card issuers […]
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CFPB wants to ban NSF fees for “instantaneously declined transactions”
COMMENT CALL: The CFPB has announced a new proposed rule that would bar all banks, credit unions and peer-to-peer payment companies from charging fees when certain transactions are immediately declined due to insufficient funds. […]
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CFPB proposes capping OD fees for largest banks & CUs
COMMENT CALL: The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would limit overdraft fees at the largest U.S. banks and credit unions. The basics of the proposal The proposal, […]