​On July 15, the IRS began sending out the advanced child tax credit payments. The payments are being delivered by direct deposit, check and debit card.

ViClarity (fka PolicyWorks, LLC) updated its Ability to Repay/Qualified Mortgage Policy as of June 30, 2021. The updates are described in the comments on the document and include updates for changes to the General Qualified Mortgage category as well as the addition of the Seasoned Qualified Mortgage category. PolicyAid is available to credit unions as a benefit of being a member of the Minnesota Credit Union Network. 

​​If you have any questions regarding PolicyAid, please contact MnCUN General Counsel, Tim Tacheny.  

Bureau Issues FAQ on Regulation E 
​The Consumer Financial Protection Bureau (Bureau) recently issued  Electronic Fund Transfers Frequently Asked Questions (FAQs). 

NCUA Renews PCA Relief 
​The NCUA announced the renewal of “the temporary modification and relief of NCUA’s prompt corrective (PCA) regulation.” 

Last Friday, the U.S. Equal Employment Opportunity Commission (EEOC) provided updated guidance on employee COVID-19 vaccinations.

​​The National Credit Union Administration (NCUA) seeks input on the policy used to set the National Credit Union Share Insurance Fund Normal Operating Level (NOL). 

In a letter to Federally Insured Credit Unions, NCUA Chairman Todd Harper encouraged credit unions to transition away from using the LIBOR index “as soon as possible, but no later than December 31, 2021.”