InfoSight News
Compliance and Advocacy News & Highlights
Compliance Calendar
Purely Michigan
Hope - Spring buds
MCUL Events & Training for 2021!
- Enhanced Financial Counseling Certification Training (Register by April 2)
- Consultative Lending in a Remote World Webinar (April 6))
- Virtual IRA Essentials & Advanced Workshop (April 13 & 14)
- Executive Insights to Make DEI Work in Credit Unions: A Four-Part Series (April 15, 22, 30 and May 6)
- NEW!! Virtual Succession Planning (Presented by DIFS with MCUL, April 28 & 29)
- CU Supervisor Series
Day One: May 11 | Understanding Supervision
Day Two: May 18 | Coaching in the Virtual World - Virtual BSA Workshop (May 4 & 5)
- NEW!! Virtual CU Supervisory Series (May 11 & 18)
- NEW!! Life Hack Your Marketing Department Webinar (May 12)
- Virtual CU Directors Conference (May 12 & 13)
For additional webinars and training offered through the MCUL, check out the Education and Networking page on the MCUL website!
MI Compliance and Advocacy News
DIFS Encourages Protection of Direct Payments from Overdrafts and Fees
The Michigan Department of Insurance and Financial Services (DIFS) issued a bulletin March 15 reminding financial institutions to protect customers’ direct payments under the American Rescue Plan from overdrafts and fees.
“As the pandemic continues, we are urging our state’s financial institutions to keep assisting their customers with the financial challenges they are facing by ensuring that much-needed relief funds are available to be used for basic living needs and emergencies, instead of being diverted to pay fees and charges,” said DIFS Director Anita Fox. “Many Michigan families have faced financial hardship as a result of the pandemic, and we want to make sure that these payments are protected to help those who have been impacted.”
On March 11, 2021, President Biden signed the American Rescue Plan into law. In addition to providing funding to safely reopen schools, to mount a national vaccination program, and to contain COVID-19, The American Rescue Plan provides $1,400 per-person checks to households across the country. The U.S. Department of Treasury and the IRS are working to ensure that payments will start to be distributed this month.
As with the first two direct payments to individuals during the COVID-19 pandemic, DIFS also wants to warn Michiganders that scammers may use this as an opportunity to steal personal information and swindle consumers out of money.
The most important information to know to avoid direct payment scams:
- The Treasury and IRS are the federal agencies in charge of delivering payments.
- Economic impact payments are not taxable, and do not require payment to receive.
- The IRS will NOT call, text you, email you, or contact you on social media asking for personal or account information.
- If you are unsure if you are receiving legitimate correspondence, the IRS urges taxpayers to visit IRS.gov to verify legitimacy.
- Suspected fraud can be reported to ReportFraud.ftc.gov.
Source: DIFS
Have a compliance question? Be sure to email the Helpline at: ComplianceHelpline@mcul.org And here’s a reminder of the compliance resources available to you!
CUSG – Strategic Advisors GRC Virtual Forum
Spring has sprung and it’s time to renew and reenergize! With this in mind, CUSG’s Strategic Advisors have reimagined the traditional conference as a three-day virtual event coming to you nearly every Wednesday in May. Join peers from across the nation to learn about and discuss pressing governance, risk and compliance topics from the comfort of your own home. Click here to learn more and register!
Source: CUSG Strategic Advisors
MCUL Advocacy News
- Registration Open for Ford Field Vaccine Site
- DIFs Interpretation of the MI Credit Union Act Re: Membership Eligibility
- March Advocacy Update
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