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Research & Compliance     

LATEST RESEARCH ITEMS OF INTEREST...

Compliance

The answers you need—when you need them!
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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Compliance Hotline: (844) 731-6072
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From the Editors of CU Weekly

Arnold Ramirez, Research and Information Consultant for the California and Nevada Credit Union Leagues
PREPAID CARD EXPIRATION DISCLOSURES
updated 05/16/14 11:16 AM
Requirements for Credit Unions
My niece recently found a Visa prepaid card at home and asked me if it was still valid, but I wasn’t sure what to tell her. A little research gave me my answer.

According to Regulation E §1005.20, there are certain conditions that must be met for an issuer or seller of a general-use prepaid card which determine whether an expiration date may be applied.

Before a general-use prepaid card is purchased, the issuer or seller must disclose to the consumer the information about dormancy, inactivity, service fee, expiration date, and the toll-free telephone number. If the issuer or seller has a website, it must also disclose that site so the consumer can obtain fee information.

These disclosures must be made on the card. A disclosure made in an accompanying terms-and-conditions document—or on the packaging surrounding a certificate or card, or on a sticker or other label affixed to the certificate or card—does not constitute a disclosure on the certificate or card.

The fees—and terms and conditions of expiration—that are required to be disclosed prior to purchase may not be changed after purchase.

Click here to read the entire Research and Information column on Page 21 within the June/July edition of Credit Union Digest!

 
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POLICYWORKS MLA UPDATE
updated 08/23/16 07:36 AM
Plus, DoD's Database Info
PolicyWorks, compliance services powered by your League membership, is hosting a Military Lending Act (MLA) Town Hall webinar on Thursday, Aug. 25 to discuss upcoming changes to the rule.

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INFOSIGHT SURVEY REQUEST
updated 08/16/16 08:09 AM
Plus, Latest PolicyWorks Newsletter
League InfoSight has issued an annual survey regarding its products (InfoSight, CU PolicyPro and ComplySight), requesting credit unions complete the survey prior to Aug. 26. These survey results will help League InfoSight ensure these compliance products are meeting the needs of credit unions. Click here to access the survey.

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