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Compliance Training Videos

The League’s Legal Affairs Department has recorded a series of 11 short compliance videos, which we call Saver's Sweepstakes Compliance Bites, to help explain our Saver’s Sweepstakes program and the compliance issues that can arise.

Staff can watch any of these videos whenever they need a quick explanation of a particular compliance issue. It’s not necessary to watch to them in order (but it would make sense if you plan to watch them all, since they start with basic information and move on to more detailed topics).

The following videos will give you a topical breakdown of the compliance material covered in the Saver's Sweepstakes ii Release 0184.

1.The Basics covers some of the fundamentals – what Saver’s Sweepstakes is, how it works and what the laws say that govern it. (7:43 minutes)

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2. State & Federal Laws describes the state and federal laws that allow prize-linked savings programs, like Saver’s Sweepstakes. (5:30 minutes)

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3. Participant Eligibility explains who can and cannot participate in Saver’s Sweepstakes and hold an account. (5:03 minutes)

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4. Account Opening Steps discusses the steps and forms needed to open Saver’s Sweepstakes accounts. (9:08 minutes)

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5. Accounts for Minors talks about special issues that can arise in offering Saver’s Sweepstakes accounts to minors. (9:17 minutes)

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6. Joint Accounts describes how Saver’s Sweepstakes accounts work when they’re held as joint accounts, with more than one account holder. (5:43 mins.)

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7. POAs & Guardians explains whether and how a Saver’s Sweepstakes account might be available if a power of attorney agent, guardian, conservator, or representative payee is involved. (3:54 minutes)

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8. Withdrawal Limits & Fees covers the limits on withdrawals from Saver’s Sweepstakes accounts and the fees your credit union can and must impose. (3:50 minutes)

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9. Entries, Drawings & Prizes discusses what a 12-month “savings period” is, and the options that members have to withdraw funds from Saver’s Sweepstakes accounts penalty-free in month 13. (12:06 minutes)

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10. Marketing Rules talks about the rules for credit unions to market the Saver’s Sweepstakes program, including any “enhanced” prizes or “members-only” drawings. (7:37 minutes)

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11. When a Participant Dies covers how to handle Saver’s Sweepstakes accounts when an account holder passes away. (4:23 minutes)

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