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Research & Compliance     

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Compliance

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When technical challenges or complex situations arise at your credit union, turn to the Leagues’ PolicyWorks. Our mission is to provide technical, compliance, operational, economic, and regulatory information in an understandable and easily accessible way.
     
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From the Editors of CU Weekly

UNCLAIMED PROPERTY NOTICE ISSUED
updated 02/03/14 12:40 PM
Aggregate Reporting Threshold Lowered
The California State Controller’s Office has issued a notice detailing important updates regarding the new Unclaimed Property Law—Assembly Bill 212 (AB 212)—effective July 1, 2014.

Click here to read the notice.

Under current law, a person holding funds or escheated property worth at least $50 is required to submit a report to the controller that includes the name and last known address of the owner of any property (except traveler’s checks and money orders). Items valued less than $50 require the nature and identifying number, or a description of any intangible property reported.

AB 212 lowers the aggregate reporting threshold of unclaimed property from $50 to $25. The bill also requires holders to include the name and last known address of the property owner—except traveler’s checks and money orders—if the property is valued at $25 or more.

The bill authorizes the holder to impose a service charge of up to $2 for notices on a deposit, account, shares, or other interest that is valued at more than $2 (lowered from $50).

For more information, view the Leagues' Technical Information and Procedures (TIPs) Bulletin 13-45.

In addition, the controller’s office has issued its winter newsletter, which includes articles on the following topics:

  • Changes to Unclaimed Property Law—Aggregate Reporting
  • Legislative Updates
  • Holder Alert: Letters from Investigators
  • Did You Discover Additional Property
  • Look for Holder Remit Reminder Letters
  • The State Controller's Office Performs Due Diligence

 
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NEW SPANISH TILA-RESPA TOOLKIT
updated 07/28/15 09:18 AM
Plus, Unclaimed Property Seminar
The Consumer Financial Protection Bureau (CFPB) has released a Spanish edition of “Your Home Loan Toolkit,” the consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures rule goes into effect on Oct. 3.

Click to view the complete story

POLICYWORKS LEAGUE COMPLIANCE SITE
updated 07/21/15 08:59 AM
League Member-Exclusive Content
The PolicyWorks League members’ only website provides member credit unions with ongoing compliance support as benefit of League membership. The website houses a library of compliance information and communications to assist credit unions with their compliance needs.

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