Who needs to be listed on a CTR?
Question: If a Currency Transaction Report (CTR) reportable cash transaction happens on a joint account, does the CTR need to include the names of all joint owners, or only the member who conducted the transaction? I suspect we need to include all joint owners and check Box 2c “Person on whose behalf transaction was conducted” […]
Did Beneficial Ownership Certification Rules Change?
Question: Do you have any guidance on this article released by the Financial Crimes Enforcement Network (FinCEN)? Do credit unions still need to collect beneficial ownership information from business members? Or do we only collect information for “reporting companies” as defined by the new rule? Answer: Great Question! credit unions must still collect beneficial ownership […]
Does the new CFPB Payday Lending Rule Apply to your Credit Union?
Question: Hi Heather. I feel like I am late to the game here, because I am just hearing about the CFPB Payday Lending Rule. I am trying to understand how this will affect our credit union. I’m especially concerned because the credit union offers longer-term balloon payment, closed-end loans for RVs. If we offer refinance […]
Private Education Loans
Question: Hi Heather, My board has asked me to look into student loans. Can we even do it? How would I write a great Policy for this that makes the NCUA happy? Great Question! Many credit unions try to avoid making inadvertent private education (PE) loans. They aren’t incredibly difficult, they just require specific disclosures that some CUs […]
Overdraft Lines of Credit: Requiring Joint Checking Account Owner to be a Joint Borrower
Question: Good Morning Heather, Let’s say a member with a checking account is applying for an overdraft line of credit (LOC) for that checking account. If the checking account is jointly owned, can we require both owners be liable on the overdraft LOC? Great Question! Yes you can. Usually, Reg B prohibits a creditor from […]
Beneficial Ownership Reporting: How halt to FinCEN reporting affects Credit Union Obligations
Question: Heather, We had a member open a certificate on a business account and we sent them the beneficial ownership form to sign electronically. The member responded “We won’t be signing anything related to BOI reporting until the pending injunction against FINCEN is lifted.” I googled and saw the injunction remains in effect. Companies do […]
Unauthorized Card Transactions Vs Consumer Negligence
Question: Hi Heather, Our member is disputing a PIN-based debit card transaction. The member told us that he wrote his PIN on the back of the card that was stolen. Do we still have to refund the charges? Great Question! Unfortunately, the answer is yes. The transaction you describe is an unauthorized electronic funds transfer […]
Reg Z and Rental Property
Question: Hi Heather, Question about Reg Z disclosures. The borrower is using his primary residence to purchase an investment property he plans to rent. Since the purpose of the loan is a business loan, would we still need to send out Reg Z disclosures? I just wasn’t sure because it’s a primary residence that he […]
Currency Transaction Reports For Non-Members
Question: Heather, We had a non-member cash a check that was written to him from a credit union account in the amount of $25,000. Are we required to file a Currency Transaction Report (CTR) for this non-member? We have his license, but we do not have his Social Security Number (SSN) and the CTR system […]
