Compliance

FTC bans non-compete agreements

NEWS:  The Federal Trade Commission (FTC) issued a new regulation yesterday that will largely prohibit new non-compete agreements in employment and render most existing non-competes unenforceable.

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) to implement an ABLE (Achieving a Better Life Experience) savings account program to help disabled people.  

The new act also makes a long list of changes to the DFI’s regulation of non-depository financial service providers.

FinCEN seeks comments on if CIP should only require partial SSNs

COMMENT CALL:   FinCEN, in consultation with the NCUA and other regulators, recently issued a request for information (RFI) asking whether credit unions and other financial institutions should be allowed to collect just partial Social Security numbers (e.g., the last four digits of an individual's SSN), before opening accounts for U.S. persons for CIP purposes.

In a press release announcing the RFI, FinCEN said that it will use information it gathers “to evaluate the risks, benefits, and safeguards” if banks and credit unions can collect partial SSN information from a customer/member and then use a third-party source to obtain the full SSN.

Does a Transfer by Affidavit form let someone deposit a check payable to an estate?

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 at (608) 640-4050 or email.

Q.  Can the credit union cash or deposit a check payable to the estate of a deceased member if the person presenting the check gives us a signed & notarized Transfer by Affidavit form?