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News Archive

Compliance Compass: New year, new requirements

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Paul Guttormsson, The League's Legal Counsel

 

New Year’s Day isn’t just about resolutions. It’s also about regulations. Several changes to state and federal rules go into effect Jan. 1, so be sure your credit union is in compliance!

 

  • Follow regulators’ guidance on Internet banking authentication.  Federal regulators, including the NCUA, have jointly issued new guidance on "Authentication in Internet Banking," supplementing similar guidance they issued in 2005. Credit unions are expected to adapt appropriate strategies to strengthen and enhance controls by Jan. 1. See The League’s ii Release No. 0171 for more.

 

  • NCUA amends official advertising statement rules.  The NCUA has amended the rules on when credit unions must use its "official advertising statement." New and existing campaigns must be in compliance as of Jan. 1. See The League’s ii Release No. 0124.

 

 

 

 

  • 2012 Standard Mileage Rates.  Beginning Jan. 1, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be 55.5 cents per mile for business miles driven.

 

For more information, contact me at (800) 242-0833, Ext. 6009.


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