ARLINGTON, Va.—What were the key compliance issues on the minds of CUs last month?
NAFCU, which bases its rankings on the number of inquiries received by its compliance team, said the following were the key concerns:
Form 4720: The IRS clarified that Form 4720 – a form federal credit unions must submit related to the new excise tax on excess executive compensation – is not subject to public disclosure. NAFCU Vice President of Regulatory Compliance Brandy Bruyere provided a recap of excise tax and further explains the issue here.
Liquidity risk: In response to liquidity-related questions, NAFCU Regulatory Compliance Counsel Reggie Watson provided guidance into how credit unions should manage and implement policy to ensure adequate liquidity here.
Change-in-terms notice: In the first in a series of three blogs on change-in-terms requirements, NAFCU Regulatory Compliance Specialist Alma Calcano addressed key regulations governing notices for checking and savings accounts here.
Customer Identification Procedure (CIP) Requirements: Calcano covered CIP in the context of trusts and highlights the scope of the rule, including implications related to beneficial ownership requirements here.