Topic: Accounts
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FinCEN finalizes “beneficial ownership information” rule
NEWS: The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently issued a final rule that will require tens of millions of corporations and limited liability companies registered to do business […]
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Maintaining account documentation standards
TIP: We often get calls at The League about problems with old accounts, when defective documents are discovered after an accountholder passes away. Such problems or potential problems may include: Missing […]
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CFPB seeks information on so-called “junk fees”
COMMENT CALL: The CFPB has issued a Request for Information (RFI), asking the public to weigh in on the fees charged by banks, credit unions, and other financial companies. This is the first step […]
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Free webinar to cover League account forms updates
NEWS: As we announced last week in two Compliance Couriers (Part I and Part II), The League has extensively updated its account agreement forms. Those new and improved forms are now available for […]
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Wisconsin credit unions threatened with overdraft lawsuits
ALERT: Several Wisconsin credit unions have recently contacted The League after receiving correspondence from plaintiffs’ attorney law firms, threatening class actions lawsuits over the credit unions’ overdraft practices. The “demand letters” […]
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Naming “heirs” as POD beneficiaries raises compliance risks
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 […]
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0184 Saver’s Sweepstakes® Compliance FAQs
This release applies to all credit unions, state and federal. It describes the basic features of Saver’s Sweepstakes®, The League’s state-wide prize-linked savings program.
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Wis. Stats: 186 Credit Unions (state-chartered only) as regarding accounts
186.113 Credit union powers. A credit union may: ***** (5) THIRD−PARTY CHECKS. Issue 3rd−party checks from an account of a member upon request of the member. (6) TRUST SERVICES. (a) […]