Ovedraft Opt-In for Recurring Debit Card Transactions
Overdraft Opt-In for Recurring Debit Card Transactions Q. Heather, What does Reg E say regarding recurring debit card transactions? We have a member that opted out of overdraft coverage, but our system is still charging his monthly cell phone and newspaper subscription and charging him courtesy pay fees when these transaction overdraw his account. We found […]
Got BSA Training?
Got BSA Training? We understand mandatory Bank Secrecy Act (BSA) training can get old, stale, annoying, difficult, etc. To that end, the Utah Credit Union Association would like to introduce lots of BSA training resources for 2022. Online Training Our online training consists of recorded webinars that can be viewed and class materials that can […]
Compliance Essentials
Compliance training Some of you may already know that we are conducting our annual compliance training series a bit differently this year. While making plans for 2022, Liz White (our Director of Education and Training) and I discussed some objectives: After 18 months of online training, we wanted to get back to having compliance classes […]
Holiday counting and Reg Z
Holiday counting and Reg Z Federal Holidays that fall on a weekend (like Christmas and New Year’s Day do this year) always bring up questions with how financial institutions count days for various Regulation Z requirements. You may know that Regulation Z famously has TWO definitions for business day. The “Business Day” definition you use depends […]
Overdraft Programs Present Big Risks for Credit Unions
Overdraft programs present big risks for credit unions Overdraft fee programs are shaping up to be a top risk for credit unions during 2022. Any credit union that maintains an overdraft protection (courtesy pay) program should be familiar with the current risk environment. This is especially critical if the credit union relies heavily on overdraft […]
Juneteenth 2021 Effect on Compliance Disclosures – Revisited
Juneteenth 2021 Effect on Compliance Disclosures – Revisited You may recall in my previous post about the new Juneteenth holiday’s effect on compliance disclosures, I stated we only had a guess about how the 2021 holiday would affect compliance disclosure since the holiday was established (Thursday June 17, 2021) so close to the first occurrence of […]
