Newsroom
NAFCU, CFPB discuss CU operational challenges of stimulus checks
NAFCU Wednesday shared with the CFPB credit union concerns regarding the operational challenges posed by handling stimulus payment checks and potential regulatory relief the bureau could provide under Regulation CC. The Treasury Department began mailing physical checks to stimulus payment recipients this week.
During the discussion, NAFCU urged the bureau to encourage consumers to set up direct deposit using the IRS' Get My Payment portal. Through the portal, launched last week, individuals are able to provide their bank account information and track the status of their payment, including the date a payment is scheduled to be deposited or mailed.
NAFCU also highlighted that as an item distributed by the Treasury Department, stimulus payment checks may be subject to next-day availability under Regulation CC if deposited into an account held by the payee.
NAFCU Senior Regulatory Compliance Counsel Jennifer Aguilar discussed issues credit unions could face when processing stimulus checks, including funds availability under Regulation CC, in a recent post on the Compliance Blog.
"For funds availability, the clock starts ticking when the funds are deposited," noted Aguilar. "Under section 229.19(a), funds deposited in a branch or on-premises ATM are considered deposited when received at the branch or ATM."
"This may require credit union staff to ensure they are removing deposits from on-premises ATMs on a regular basis to meet any next-day availability requirements," she added.
A previous edition of NAFCU's Compliance Monitor also details how credit union operations could be affected by changes made by the Federal Reserve and CFPB to Regulation CC last year.
Share This
Related Resources
Resiliency In Your Incident Response Plan
Cybersecurity
preferred partner
DefenseStorm
Blog Post
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate. [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels. Web NAFCU digital@nafcu.org America/New_York public
Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs
preferred partner
Gallagher
Podcast
Add to Calendar 2024-04-11 14:00:00 2024-04-11 14:00:00 Regulation E: Impacts Across Your Institution Dive into regulatory excellence with, Regulation E: Impacts Across Your Institution. This webinar is tailored to empower you with the knowledge and strategies necessary to effectively implement the Electronic Funds Transfer Act (EFTA) and Regulation E within your operations. You’ll explore how to apply Regulation E across various business areas to ensure compliance obligations are met with precision. Key Takeaways Learn the basics of EFTA and Regulation E Understand how to apply Regulation E at your organization to detect processes and transactions that require Regulation E compliance Discover how Regulation E may apply to a large breath of areas in your institutions and functions for which you may rely on third-party vendors Review recent enforcement activity for non-compliance with EFTA and Regulation E Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 11, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Regulation E: Impacts Across Your Institution
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.