​Last week we published an article on legislation that provides pay for frontline workers who worked during the COVID-19 pandemic. At that time, we were not certain whether the frontline pay would apply to credit union employees. We’ve learned that credit union employees will not be eligible. During a MN Chamber of Commerce webinar on Monday, DoL staff clarified that the “banking industry is not an eligible frontline sector under the law.”

​Please contact MnCUN General Counsel, Tim Tacheny, with any questions. 

NCUA Webinar on Protecting Older Members: Financial exploitation continues to be a significant issue for vulnerable members. The NCUA is hosting a webinar for credit unions to learn how to protect their older members from financial exploitation. 

​Bureau Publishes Quarterly Supervisory Highlights: The Consumer Financial Protection Bureau (Bureau) recently published its Spring 2022 Supervisory Highlights.  

MnCUN Comments on Proposed Amendments to Regulation V (Fair Credit Reporting Act): In April the Consumer Financial Protection Bureau (Bureau) published a proposed rule amending Regulation V, the implementing regulation for the Fair Credit Reporting Act (FCRA).

​On May 2, Governor Tim Walz signed legislation to provide compensation to certain frontline workers who worked during the COVID-19 pandemic. To be eligible, frontline workers must have worked within one of the frontline sectors established by the legislation and meet certain requirements, including certain income requirements. 

What To Do If You Receive Counterfeit Money: Last week MnCUN sent out a risk alert and published an article in the Pulse on fake movie money. 

MnCUN Comments on Bureau’s Request for Information on “Junk Fees”: In February the Consumer Financial Protection Bureau (Bureau) published a Request for Information Regarding Fees Imposed by Providers of Consumer Financial Products or Services (RFI). 

Policy Aid Quarterly Update: ViClarity recently updated PolicyAid 

Bureau Proposes Regulations to help Victims of Human Trafficking: Last week the Consumer Financial Protection Bureau (Bureau) proposed amendments to Regulation V which implements the Fair Credit Reporting Act. 

​According to a police report from Newport, Oregon, $1 Million in fake ‘movie money’ was recently stolen from a car and is being used as counterfeit cash. 

The on-going conflict in Ukraine has raised concerns about potential cyberattacks in the U.S., including those against the financial services sector. All credit unions and vendors, regardless of size, are potential targets for cyberattacks, like social engineering and phishing attacks, and must remain vigilant. The NCUA recommends that credit unions should report any cyber incidents to the NCUA, your local FBI field office or the Internet Crime Complaint Center, and the Cybersecurity and Infrastructure Security Agency.
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This Risk Alert reminds credit unions of the ongoing threat of social engineering and phishing attacks and reiterates the continued importance of educating your employees and members on how to avoid these threats.

Immerse yourself in this technology transformation event specialized for the credit union industry, and complete with keynotes, new focused tracks, use cases and exhibit halls.  Get even more value for your participation with CISO, Risk Management & Compliance, and IT Security & Systems Technology tracks.  Or, mix and match to customize your experience! 

​Log in for an exclusive code for MnCUN Members.

NCUA to Host Webinar on Overdraft Protection Programs: Overdraft and NSF fees continue to be a hot topic for credit unions. 

​Bureau Publishes Bulletin – Mitigating Harm from Repossession of Automobiles: On March 3, the Bureau of Consumer Financial Protection (Bureau) published a bulletin regarding automobile repossession. 

​FinCEN Alert – Potential Russian Sanctions Evasion Attempts: On Monday the Financial Crimes Enforcement Network (FinCEN) issued an Alert advising all financial institutions to be vigilant against efforts to evade the sanctions and other restrictions the United States implements against the Russian Federation and Belarus for their further invasion of the Ukraine.​​