Newsroom
Compliance Monitor covers serving business accounts
As serving businesses can present a unique set of compliance challenges for credit unions, the June edition of NAFCU's Compliance Monitor – now available in a digital format – features a refresher on which federal laws and regulations apply to business accounts. The monthly e-newsletter is a free, member-only benefit designed to help credit union compliance officers stay up-to-date on the latest issues and manage their responsibilities.
In the article, NAFCU Regulatory Compliance Counsel Nick St. John details a number of rules and regulations which apply to serving business accounts, including field of membership, Bank Secrecy Act and beneficial ownership, the NCUA's lending regulations, and more. St. John also provides an easy-to-read chart that outlines the applicability of several federal laws and regulations.
"It is worth noting, however, that even when a law or regulation excludes legal entities or accounts with a business or commercial purpose, a credit union could still choose to treat those accounts as if they were covered," St. John highlights. "Some credit unions choose to treat commercial accounts as if they are subject to the same laws and regulations protecting consumer accounts to maintain consistency in procedures and to use the same forms and agreements for all members."
The June Monitor also includes details on NAFCU's upcoming virtual BSA and Summer Regulatory Compliance Schools. Registration for both events is currently available online.
Additionally, the latest edition includes Q&As on the impact of the Fed's recent changes to Regulation D on Regulation CC, and whether a federal credit union may extend its 60 day overdraft charge off requirement due to the coronavirus pandemic.
Have a specific question for the Compliance Team? NAFCU is here to help. Member credit unions can reach out to the team via compliance@nafcu.org. View more of NAFCU's award-winning compliance resources.