Topic: Accounts
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League seeks CU input on CFPB’s “open banking” proposal
COMMENT CALL: The League is seeking credit unions’ input on the CFPB’s recently proposed Personal Financial Data Rights rule. The proposed rule would: Require financial institutions (including most credit unions) and other […]
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League seeks CU input on CFPB’s “open banking” proposal
COMMENT CALL: The League is seeking credit unions’ input on the CFPB’s recently proposed Personal Financial Data Rights rule. The proposed rule would: Require financial institutions (including most credit unions) and other […]
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FinCEN issues additional updates to Beneficial Ownership Information
NEWS: On September 30, 2023, the Financial Crimes Enforcement Network (FinCEN) issued additional guidance for the Beneficial Ownership information (BOI) reporting requirements, including updated BOI FAQs. The revised FAQs include new questions […]
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FinCEN issues Compliance Guide and FAQs to help small businesses report Beneficial Ownership Information
NEWS: On September 18, 2023, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its Beneficial Ownership Information (BOI) Small Entity Compliance Guide to help small business entities comply with the requirements […]
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NY FCU settles overdraft case for 5.2 million
NEWS: A New York federal credit union (FCU) is the latest to settle class action allegations over its overdraft/non-sufficient funds (NSF) fees and disclosures. Empower FCU of Syracuse, NY, is required […]
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Don’t unilaterally reopen closed consumer deposit accounts
TIP: After consumers have closed deposit accounts, a financial institution violates federal rules on unfair acts or practices if, without the consumer’s consent, it reopens those accounts to process debits (i.e., […]
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NCUA Share Insurance webinar on April 13
NEWS: The Silicon Valley Bank and Signature Bank failures have generated a lot of questions about the share insurance funds and how members’ shares are insured. The NCUA will […]
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Native American group sues Wisconsin bank, alleging discrimination
NEWS: A Native American cultural and religious center based in Wisconsin has sued a northern Wisconsin bank, accusing it of discrimination for refusing to open a checking account for the organization […]
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CUs can charge dormant/inactive account fees, but unclaimed property law has its limits
ANALYSIS: The League recently revised its ii Release No. 0008 – “Dormant Accounts,” to keep up with changes made this year to Wisconsin’s unclaimed property laws. (We recapped those changes in this Compliance Courier.) […]
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CFPB guidance targets “illegal junk fees” on bad check deposits, overdrafts
NEWS: Today, the Consumer Financial Protection Bureau (CFPB) issued guidance about two financial institution fees that it says are likely unfair and unlawful. The first, surprise overdraft fees, includes overdraft fees […]