Prioritize Employee Well-Being
May is Mental Health Awareness month. According to a recent survey by the APA 92% of workers said it’s important to work for an organization that values their emotional and psychological well-being.1 This survey also found that 57% of employees are experiencing negative impacts to their mental health due to work-related stress. I encourage you […]
CTRs for Multiple Accounts with Same Ownership
Question: Hello, Heather! I was hoping you could help me with a question regarding a CTR filing. We had a member come in and withdraw cash from his business account that he owns. Then in a separate transaction he withdrew cash from his personal account. The purpose of both transactions are the same, and the […]
Expelling Members Who Have Caused a Loss
Question: Good Morning, Heather. We are a federal credit union. In the past, whenever a member has caused a loss to the credit union, we have charged off their loans and closed their account no longer allowing them to be a member of the CU unless they pay us back in full. We have never […]
Advertising Certificate Rates on Outdoor Signs
Question: Hi Heather. Our credit union is going to offer a limited time certificate promotion. The car wash next door has a reader board that we have used in the past for marketing, but we’ve never advertised rates. If we are going to offer a 12 month certificate at 5.25% with an APY of 5.27%, […]
Do I Need to Fill-in Every Field on a SAR?
Question: Hi Heather,Do you have a trick for remembering how to complete the “Selling Location” or “Paying Location” and the suspects role “Purchaser/Sender” or Payee/Receiver” fields on the FinCEN SAR form? I always trip myself up for cash structuring SARs. Answer: See Q&A #18 on FinCEN’s SAR FAQs: 18. How do we complete Item 56/68 […]
Let’s get back in the habit of breaking bread together.
When I’m out and about among our most excellent Utah credit unions, I frequently hear from the old-timers that, “We used to get together a lot. It was great. You knew everyone. You knew what was going on.” That’s why, at the Association, we’re going to start up a new series of round tables—to help […]
Delaying Outgoing Wires
Question: Hi Heather. I remember hearing that we could delay sending an outgoing wire for up to 15 days if we notify the beneficiary, but I can’t find where I read that before and want to review the rule again now. Does that sound familiar at all to you? Do you know where I can […]
What is Considered an Application for HMDA?
Question: Hi Heather, Quick question… We helped a member earlier this year with a reduction of his HELOC interest rate. An application was completed to ensure that he qualified for the reduction, but a new loan was not completed in our host system. Do we need to submit a HMDA filing for this application? Answer: […]
Advertising Certificate Rates
Question: Hey Heather. Our credit union is going to offer a limited time CD promo to bring some money in. We have an outside reader board that we have used in the past for marketing, but we’ve never advertised rates. I don’t want to be out of compliance, but if are going to offer a […]
