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From the Editors of CU Weekly

updated 06/23/14 10:08 AM
TIPs: Wage Increase, Mutilated Currency
The National Credit Union Administration (NCUA) has published Letter Number 14-CU-07, which states that if a credit union has an outstanding loan to a CUSO or an investment in a CUSO, it’s required to amend the contractual agreement by the end of this month (June 30).

An important clarification was also spotlighted. NCUA Chairman Debbit Matz added: “This letter clarifies that only those federally insured credit unions investing in or lending to a CUSO are subject to this part of the CUSO rule. A federally insured credit union that only receives products or services from a CUSO—but does not have an investment in or a loan outstanding to a CUSO—is not subject to the requirement.”

OFAC and FinCEN Compliance Webinar
NCUA will host part two of its free webinar series, “How to Be in Compliance with OFAC and FinCEN” on June 25 at 11 a.m. (Pacific).

Using real-world scenarios and case studies, this webinar will explore emerging issues in anti-money laundering compliance that credit unions could face in their daily operations. Diane Rector, training manager with NCUA’s Office of Small Credit Union Initiatives, will host leading compliance experts, including:

  • Rachel Nagle, senior advisor for compliance programs, Office of Foreign Assets Control
  • Anthony Harris, deputy office director, Financial Crimes Enforcement Network
  • Thomas Lawler, compliance project officer, Financial Crimes Enforcement Network

The panel will also provide examples of best practices that can help credit unions create a well-developed and well-implemented Bank Secrecy Act and anti-money laundering program. In addition, participants will be able to ask questions about their own compliance concerns.

To register, click here!

Participants may submit questions in advance at WebinarQuestions@ncua.gov. The subject line of the email should read, OFAC and FinCEN Compliance Webinar. Participants with technical questions about accessing the webinar may email audience.support@on24.com.

You can access the archived webinar by clicking here.

Minimum Wage Increase Reminder
As a reminder, California Gov. Jerry Brown signed into law a bill that increases California’s hourly minimum wage rate from $8 an hour to $9 on July 1, 2014, and up to $10 an hour by Jan. 1, 2016. Refer to the California and Nevada Credit Union Leagues' Tips Bulletin 13-40 for more information.

TIPs Bulletin: Exchange of Mutilated Paper Currency
TIPs Bulletin 14-11 was just posted by the Leagues, which spotlights how the Bureau of Engraving and Printing is amending its regulations to update mutilated currency procedures, eliminate references to obsolete practices and terms, and provide the public with more specific information on the process for submitting mutilated currency for possible redemption. The changes do not change how credit unions submit unfit currency; however, the information is provided in case credit union members ask how to redeem mutilated currency.

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updated 10/06/15 09:09 AM
Plus, Flood Insurance Webinar
Federal credit unions can continue to make payday alternative loans (PALs) under changes to the Military Lending Act (MLA), which became effective Thursday, according to the Credit Union National Association (CUNA).

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updated 09/28/15 02:11 PM
'Your Home Loan Toolkit'
The Consumer Financial Protection Bureau (CFPB) has posted a Spanish language version of its Home Buying Information Booklet—also known as the “special information booklet” or “settlement cost booklet”—as required under the Real Estate Settlement Procedures Act (RESPA), Regulation X, and Regulation Z.

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D.J.'s Economix
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