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League Issues Four Operations Releases

The League released four new operations releases in June 2013. Those releases have already been sent to our member credit unions via direct mail, and those of you who attended the League’s quarterly compliance webinar (on June 11, 2013) have already received electronic versions of them. 

For those of you who have not already seen the releases, you may access electronic versions of them either by visiting the appropriate page of the League’s online compliance manual (http://va.leagueinfosight.com/VACUL_Publications__Guidance_40064.html) or by clicking on the links below. (Of course, the links won’t work unless you are logged onto the League’s website.)

  1. Garnishment  of Accounts Receiving Federal Benefits - the U.S. Treasury has made some changes to the procedures that financial institutions must follow in handling garnishments that are aimed at accounts receiving federal benefits via direct deposit.  The regulation takes effect on June 28, 2013.  To learn more, download Operations Release 141S-1, which you can find here.
  2. Virginia Law Update (2013 Legislative Session) - the Virginia legislature, during its most recent legislative session, made several statutory amendments that may be of interest to credit unions doing business in Virginia.  The amended statutes will become effective July 1, 2013.  To learn more, download Operations Release 279, which you can find here.
  3. Amendments to the COPPA regulations - The Federal Trade Commission has amended its regulations to the Children's Online Privacy Protection Act (COPPA).  These are the first significant amendments to the COPPA regulations since they originally took effect back in April 2000.  The amended regulations become effective on July 1, 2013, and all credit unions should make sure that their web sites and other online services still comply.  To learn more, download Operations Release 233R, which you can find here.
  4. Amendments to the NCUA Investments Regulation - the NCUA has amended its investments regulation to clarify what investments are permissible and what investments are too risky.  Under the amended regulation, credit unions may consider the ratings of well-established national credit rating agencies, but may not rely exclusively on those ratings.  The amended regulation became effective on June 11, 2013.  To learn more, download Operations Release 190S-1, which you can find here.

We hope that you find these operations releases helpful, and we will try our best to send the electronic versions to you sooner in the future.  We also sincerely hope that you will join us (and encourage others at your credit union to join us) for the next quarterly compliance webinar, which is scheduled for September 11, 2013.  The webinar will be free.

Your compliance team:  Robert, Clark & Nathan

Tags: Operations Releases, NCUA Investments Regulations, COPPA, Virginia law, General Assembly 2013, garnishment

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