Consumer Financial Protection Bureau (CFPB) 

CFPB Blog: Credit Card Interest Rate Margins at All-Time High 

The CFPB released a blog post which examines credit card average APR margin over the past ten years.  The report is based on data the Federal Reserve has been collecting since 1994 and reflects an increase in the margin. In 2013, the average margin was 9.6% and in 2023 the average margin was 14.3%. At the same time, the prime rate increased from 3.3% to 8.5%. 

The report also reflects an increasing trend in charge-offs over the past two years. 

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Financial Crimes Enforcement Network (FinCEN) 

FinCEN Issues Small Business Compliance Guide for Accessing BOI 

FinCEN has released a Small Entity Compliance Guide to provide an overview of the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) requirements for small entities that obtain beneficial ownership Information (BOI) from FinCEN. 

Credit unions do not have access to BOI at this time.  FinCEN is taking a phased approach to providing access to BOI, and credit unions will be part of the final group to be extended access. 

League InfoSight Highlight: Coming Soon to CU PolicyPro/RecoveryPro - Multifactor Authentication! 

Coming soon, credit unions will have the option of adding Multifactor Authentication (MFA) to their CU PolicyPro/RecoveryPro implementation. MFA is an extra layer of security that requires users to provide an access code in addition to their password in order to access the system. 

For credit unions who opt to add MFA, users will enter their password then receive an access code via text message (or by email if there is no mobile number on the user’s profile) that must be entered before the user can access the system. There is an additional option to allow users to register their computers and bypass MFA for 90 days. 

To prepare for the addition of MFA, we recommend adding a mobile phone number for all users as some firewalls may block an email with an access code. 

Stay tuned for further updates as the rollout of Multifactor Authentication approaches! Contact policysupport@cusolutionsgroup.com if you have any questions.  

Mary Ann Koelzer
Senior Technology Products Manager, League InfoSight 

SAVE THE DATE 

League InfoSight will be offering a three-session Business Continuity Planning (BCP) education series in March! Save the dates on your calendar - registration will be opening soon! 

BCP 101 - Wednesday, March 6, 2024 (2pm Eastern)
This session will introduce the fundamental concepts and key components of business continuity planning. 

Building Your BCP - Wednesday, March 13, 2024 (2pm Eastern)
Participants will be guided through a step-by-step process to develop a Business Continuity Plan using RecoveryPro. 

Testing & Maintenance of your BCP - Wednesday, March 20, 2024 (2pm Eastern)
Participants will gain a comprehensive understanding of the testing methodologies, techniques, and best practices required to ensure the BCP's effectiveness and readiness.

Whether you are a federal or state-chartered credit union, there are state laws that impact your operations. The most efficient and quickest way to find those laws is through InfoSight. This member benefit provides you with access to applicable state content for all 50 states, without you needing to search through tons of random online sources. Stop wasting time trying to research when InfoSight has aggregated all the information your credit union needs to stay compliant in an ever-changing and evolving federal and state environment. 

FTC Staff Provides Annual Letter to CFPB On 2023 Equal Credit Opportunity Act Activities 

NCUA’s Funds Receive Clean Audit Opinions 

CFPB Issues Revised Supervisory Appeals Process 

CFPB Orders Federal Supervision for Installment Lender Following Contested Designation 

FTC Says H&R Block Pressures People Into Overpaying for Tax Prep 

Thursday March 7, 2024, is Slam the Scam Day 

Mar 11, 2024: Comments Due FTC Proposed COPPA Changes 

Mar 22, 2024: Last day to submit IRS ERC Voluntary Disclosure Program 

Mar 25, 2024: CFPB Proposed Rule on NSF (Declined Transaction) Fees 

Apr 1, 2024: Comments Due CFPB Overdraft Rule 

Apr. 30, 2024: 5300 Call Report Due 

May 12, 2024: FRB Interchange Fee Proposal Comments Due 

May 27, 2024: Memorial Day – Federal Holiday 

If a member inherits funds from his mother’s traditional IRA, can the member “rollover” the inherited funds from the mother’s account into a new IRA account? 

No. The funds paid to the member would be considered a “distribution” included in their gross income and would not receive the tax considerations given to rollover funds. This happens when the member is a beneficiary of an “inherited account”, which is defined as an account that: 

• Was maintained for the benefit of the beneficiary and is acquired due to the death of another individual. 

• The inheriting individual was not the surviving spouse of the individual who set up the IRA. 

Only the spouse of the deceased has the option "rollover" and IRA into one of their own or receive distribution of the deceased's IRA. 

For your individualized login, select your state below. 

If you have questions about this communication, contact us at 800.546.4465, or via our shared email inbox at compliance@gowest.org.

Have a great week!

Your GoWest Compliance Team, 

Copyright © 2023 GoWest Credit Union Association. All Rights Reserved.

Mailing Address:
GoWest Credit Union Association, 18000 International Blvd Ste. 1102, SeaTac, WA 98188, United States
1.800.995.9064

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