Compliance

Compensation and the board of directors

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 (800) 242-0833 or email.

Q.      Can our credit union pay any compensation to its board members?

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: