Newsroom

In the latest Compliance Blog post, NAFCU's Elizabeth LaBerge highlights what credit unions need to know about federal regulations on business accounts.

LaBerge, NAFCU's senior regulatory compliance counsel, notes the importance of understanding that business-purpose accounts can be held by legal entities, like an LLC or a corporation, or by individuals operating a business as a sole proprietorship.

"Understanding whether the individuals or a legal entity own the account can be important to determining the applicability of a rule, as well as the credit union's ability to open the account under field of membership considerations and its share insurance coverage," writes LaBerge.

In the blog LaBerge discusses the following rules and whether they apply to business accounts:

• Truth in Savings; 
• Regulation E;
• Regulation CC;
• Fair Credit Reporting Act (FCRA);
• Regulation P;
• E-Sign Act;
• Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC); and
• state law and other considerations.

For more on regulations surrounding business accounts, read LaBerge's full blog here. Those interested can sign up to receive new NAFCU Compliance Blogs posts in their inbox every Monday, Wednesday and Friday here.