Credit Unions Exempt from Tennessee Transfer Tax
Did you know? Credit unions are exempt from the Tennessee transfer tax of $0.37 per $100 on real property that a credit union purchases. Realty Transfer TaxThis is a tax you pay when you transfer ownership of real estate (like a house or land) from one person or entity to another. Indebtedness TaxThis separate tax applies […]
Elder Financial Exploitation Reporting Update
Elder financial exploitation remains a critical concern. In its latest advisory, the Financial Crimes Enforcement Network (FinCEN) reported that financial institutions nationwide identified $27 billion in suspected elder financial exploitation. On average, banks and credit unions file 15,993 Suspicious Activity Reports (SARs) related to elder financial exploitation each month. In Tennessee, the Tennessee Credit Union […]
How to Correctly Display the NCUA Share Insurance Disclaimer for Teller Stations and Pods
Ensuring compliance with the National Credit Union Administration (NCUA) regulations is critical for credit unions. One key requirement is prominently displaying the NCUA Share Insurance disclaimer. This article explores the best practices for adhering to this regulation, particularly in credit unions with traditional teller stations and modern teller pods. Understanding the NCUA Share Insurance Disclaimer […]
Top 10 Employment Law Issues for Credit Unions
A key benefit of membership with the Tennessee Credit Union League is access to the HR Hotline, staffed by experienced attorneys from Woods Rogers. This valuable service is provided at no additional cost to your credit union. In today’s ever-changing legal environment, understanding and addressing key employment law challenges is crucial for compliance and effective […]
Top 10 Compliance Hotline Questions
Compliance continues to be one of the primary challenges credit unions face today. As a member of the Tennessee League, credit unions gain access to invaluable compliance resources designed to support their operations. Our dedicated compliance team and subject matter experts work tirelessly to keep member credit unions informed and up to date on regulations. […]
Bank Secrecy Act Resources
Bank Secrecy Act Resources The Bank Secrecy Act, enacted in 1970, requires credit unions to assist US government agencies in detecting and preventing money laundering, fraud, and terrorist financing. This law mandates the implementation of risk-based programs, suspicious activity reporting (SAR), currency transaction reporting (CTR), and enhanced member due diligence (MDD). The Bank Secrecy Act […]
The Business of Commercial Accounts
Commercial accounts, by their very nature, require an additional level of expertise from credit union staff. Commercial accounts include corporations, Limited Liability Corporations, Partnerships, Sole Proprietorships, and accounts for unincorporated organizations. From the compliance standpoint, most traditional consumer protection regulations, such as Regulation J Truth in Savings and Regulation E, the Electronic Funds Transfer Act, […]
Three Things to Know About Trust Accounts
Learning the basic functions and terminology within Trusts can enable even a novice credit union staff member to provide seamless member service. A “trust” is an estate planning tool. It is generally more complex than a primary estate plan because it involves the disposition of assets during different phases of the member’s life. Members will […]
Elder Abuse Awareness Month: Helping Members Prevent Cybersecurity Scams
Cybersecurity scams targeting seniors are becoming more and more prevalent with the increased dependence on technology, leading to billions of dollars lost annually in the U.S. It’s important to know how to keep yourself and your elderly loved ones safe. According to the FBI’s 2023 Elder Fraud Report, the Internet Crime Complaint Center (IC3) received […]
Check Fraud: Can Your Credit Union Reduce the Risk?
Fraudulent business checks and financial institution official checks are being issued at unprecedented rates. The most common scam involves members receiving a letter indicating that they have won a lottery. The member is asked to wire or send the company part of the amount of the purported official check. The member is then directed to […]