Newsroom
NAFCU, trades seek more guidance on EIPs
NAFCU joined with seven other financial industry trade groups Wednesday to seek additional guidance from the Treasury Department on handling economic impact payments (EIPs) provided by the CARES Act.
NAFCU last week met with the CFPB to discuss operational challenges of handling stimulus payment checks.
EIPs are being sent via direct deposit – for consumers who provide that information to the IRS or have it on file from their 2018 or 2019 tax filings – or check. In the letter to Treasury Secretary Steven Mnuchin, the trades said "maximizing electronic disbursements and minimizing paper payments will benefit individual recipients and the country."
"The EIP process can be made even more efficient for recipients and the financial services industry if additional clarity is gained in certain operational areas," they wrote. The letter includes several questions for the Treasury Department to address in order to provide financial institutions with more guidance for processing electronic and paper check transactions.
"This important information will help get much-needed relief payments to recipients faster. The responses will not only provide clarity in the near-term, but will also serve as a guidepost for any future relief payment initiatives that may be forthcoming."
In addition to the operational questions, the trades also asked the Treasury to clarify how to handle EIPs that are made to deceased individuals.
NAFCU will continue working with the Treasury Department and IRS to ensure credit unions can efficiently handle the disbursement of EIPs. A Compliance Blog post earlier this month addresses FAQs on these payments, and another recent blog explains guidance from the CFPB on regulations that apply to EIPs.
Share This
Related Resources
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union 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 March 13, 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
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-03-01 14:00:00 2024-03-01 14:00:00 Understanding the New Beneficial Ownership Rules In 2021, Congress passed the Corporate Transparency Act, which requires companies to report their beneficial ownership information (BOI) directly to the Financial Crimes Enforcement Network (FinCEN). Since that law was passed, FinCEN has issued multiple rulemakings to enact the law’s requirements – including discussing which information must be reported to FinCEN and how credit unions and other financial institutions can access that information from FinCEN’s database. In this webinar, Understanding the New Beneficial OwnershipRules, you’ll explore these recent rulemakings and how they affect Bank Secrecy Act (BSA) compliance for credit unions. Key Takeaways Learn what information FinCEN will be collecting from reporting companies Determine how a credit union can access information that has been provided to FinCEN Discover the uses of BOI obtained from FinCEN Look ahead at what other updates could be coming from FinCEN 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 March 1, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCBSOs NCCOs BSA and compliance Education Credits NCCOs will receive 0.5 CEUs for participating in this webinar NCBSOs will recieve 0.5 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU digital@nafcu.org America/New_York public
Understanding the New Beneficial Ownership Rules
Credits: NCCO, NCBSO
Webinar
Add to Calendar 2024-02-20 14:00:00 2024-02-20 14:00:00 Key US AML Regulation Changes for 2024 If you thought the world of anti-money laundering (AML) regulations was easy in 2023, wait for what's in store for 2024. There are several changes coming our way and more that could be implemented later this year. The AML changes are vast, and we currently have a few in place. One is the Beneficial Ownership Provision, which only has an impact for entity-type members. This is a type of regulation you should be aware of because of its impact on your members. This is one example, but others could have different impacts beyond just your members. Key Takeaways Understand the current events that are occurring around the world Learn how these current events are triggering new regulations Examine the current state of regulations and what can be coming 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 February 20, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCBSOs NCCOs NCRMs BSA, 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 NCBSOs will recieve 1.0 CEUs for participating in this webinar About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU digital@nafcu.org America/New_York public
Key US AML Regulation Changes for 2024
Credits: NCCO, NCRM, NCBSO
Webinar
Add to Calendar 2024-02-14 14:00:00 2024-02-14 14:00:00 Breaking Down the NCCO Certification Exams Congratulations on making the decision to take the Regulatory Compliance NCCO exams! This webinar is designed to help those of you attending Regulatory Compliance School and with your studying. Join America’s Credit Unions Vice President of Education Jennifer Beylard as she goes over best practices on how to tackle the NCCO exams. You'll also learn the best way to utilize the provided material and maximize your study time. The NCCO exams are challenging - but your preparation doesn't have to be. Key Takeaways Learn and review best practices to prepare for the NCCO exams Explore the best use of the study material Discover how to maximize your study time Register Now Registration is free, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until February 14, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend Credit union employees responsible for compliance who do NOT already have the NCCO designation. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU digital@nafcu.org America/New_York public
Breaking Down the NCCO Certification Exams
Webinar
Get daily updates.
Subscribe to NAFCU today.