Compliance

Fourth Circuit Court reverses decision in ACH fraud case

NEWS: Last month, the U.S. Court of Appeals for the Fourth Circuit reversed a district court’s decision holding a credit union liable for a funds transfer in a business email compromise (BEC) scam case where the credit union lacked “actual knowledge” of the mismatch between the account number and beneficiary.  The crux of the case involved the application of the Uniform Commercial Code (UCC) Article 4A, which governs the rights and duties of parties involved in funds transfers that involve a misdescription.

Postal Service redesigns its money orders

NEWS:  The U.S. Postal Service has introduced a newly redesigned money order.

The new design, released in February 2025, enhances security features to deter counterfeiting and other fraudulent activities.

Changes to state MBL definition will take effect June 1

NEWS:  Gov. Evers has approved long-awaited changes to Wisconsin’s member business loan (MBL) rules for state-chartered credit unions.

The new rules, which are scheduled to take effect on June 1, provide a new definition of what is, and what is not, an MBL. Most importantly for credit unions, two kinds of loans will not be considered MBLs under the new rules:

Judge agrees to scrap CFPB's credit card late fee rule

NEWS:  A federal judge has voided a CFPB rule that would have capped credit card late fees at $8 for card issuers with at least 1 million open accounts.

The judge’s order was based on an agreement reached by the CFPB and the U.S. Chamber of Congress, which had joined several other groups in suing the CFPB over the rule’s legality in federal court.