Compliance

NCUA Board approves FCU rule on dependent care reimbursement

NEWS:  The NCUA Board has issued a final rule allowing federal credit unions (FCUs) to reimburse volunteer officials for dependent care expenses incurred while attending board meetings and performing official credit union duties. Previously, dependent care costs had not been considered reasonable expenses under NCUA regulation §701.33.

NCUA & others release statements on citizenship Executive Order

NEWS:  In response to President Trump’s Executive Order 14406, “Restoring Integrity to America’s Financial System,” the NCUA and other federal agencies have now released documents addressing different aspects of the Order.

Neither document imposes new account-opening, citizenship-verification, or immigration-status collection rules. However, they identify activities that may receive more attention in BSA/AML monitoring, Suspicious Activity Report (SAR) filings, and examinations. This may mean that credit unions need to revise their procedures to more carefully watch for such activities.

This Courier includes information provided by America’s Credit Unions.

League backs rounds 8 & 9 of the NCUA Deregulation Project

NEWS:  The League has submitted two comment letters to the NCUA recently, telling them that we back the proposed regulatory changes in both rounds 8 and 9 of their Deregulation Project.

"Patient representatives" may seek access to member accounts under revised state law

NEWS:  Under changes to state law that took effect June 1, credit unions may begin to see requests from “patient representatives” to access member accounts to pay for the member’s post-hospitalization care at a nursing home or similar facility.