Compliance Blog

Here are some odds and ends that I've been meaning to pass along to you guys.

• Be aware that for 2009, Congress wants to waive the requirement for IRA required minimum distributions.  They have passed a bill and it looks like President Bush will sign it (if he hasn't done so already).  Nothing, though, has been done about 2008 RMDs.
• Reports seem to indicate that the "unfair and deceptive" rulemaking due to be released this Thursday will not include provisions that would affect overdraft privilege programs.  Reportedly, regulators want more time to look at the issue. Stay tuned.
• With all the changes in disclosures in proposals and final regulations, here's an interesting read entitled "Too dumb to borrow?" The blog talks about a study that questions whether American consumers know enough math to make disclosures useful.
• Representatives from Treasury gave us a heads up on tax coupons, reminding everyone that financial institutions may not charge fees to recoup costs related to the processing of tax deposit coupons.  They've seen a number of financial institutions charge such fees, which are a no-no according to Treasury regs.  Officials noted that credit unions and other financial institutions can stop taking these coupons at any time.  Treasury is pushing financial institutions to consider using the Electronic Federal Tax Payment System (EFTPS), a free service of the U.S. Department of the Treasury that allows payment of any federal tax via the Internet or phone.  For general information about EFTPS, please visit the EFTPS Web site at www.eftps.gov or contact Melanie Rigney at (202) 874-6763 or at Melanie.Rigney@fms.treas.gov. For information about converting your FTD coupon customers to other electronic mechanisms, please contact the Federal Reserve Bank of St. Louis’ Treasury Support Center: Cynthia Hill at (314) 444-4754, Melanie Ruiz at (314) 444-4731 or Dianne Harrison at (314) 444-4750.
• FinCEN has released a manual for Money Services Businesses Bank Secrecy Act Examination Manual.  You can access it here.  The manual provides a great overview of the MSB industry.  If your credit union serves them, I'd page through the document at some point. 
• Credit reports may cost 50 cents more for consumers in 2009.