The NAFCU Journal March - April 2018 - 45

Upcoming Compliance Deadlines
March 16, 2018

Changes NACHA's operating guidelines to enable same-day processing of virtually any ACH
payment under $25,000. All receiving financial institutions (RDFIs) will be required to receive
same-day ACH payments, and RDFIs will be mandated to make funds available from same-day
ACH credits (such as payroll direct deposits) to depositors by 5 p.m. at the RDFI's local time. Each
originating financial institution (ODFI) must pay the RDFI a same-day entry fee of 5.2 cents for each
same-day transaction it processes.
These changes will be phased in through three phases, the third taking effect on this date.

May 11, 2018

FinCEN's final rule on customer due diligence requires credit unions to identify and verify the
beneficial owner(s) of legal entity accounts, subject to certain exceptions. Previously, a credit
union was only required to know the identity of each of its legal entity customers, but not
necessarily its beneficial, natural person owners. Beneficial owners include each natural person
who directly or indirectly has a 25 percent or more equity interest in the legal entity customer, as
well as single individuals that have "significant responsibility to control, manage or direct a legal
entity customer," such as a CEO, COO or CFO.

July 1, 2018

The Federal Reserve Board issued a final rule to amend subparts A, C, D and the official staff
commentary to Regulation CC. The final rule modifies the current check collection and return
requirements to reflect today's virtually all-electronic check collection and return environment.
It encourages all depository banks to receive, and paying banks to send, returned checks
electronically.
Download the latest NAFCU Compliance Calendar at www.nafcu.org/compliancecalendar.

and accounting practices to enable them
to read the credit union's balance sheet
and income statement and ask appropriate
questions of management and auditors.
The bylaws explain that training must also
include ethics, fiduciary responsibilities
and regulatory compliance.
When a particular issue or task comes
up that is outside the scope of directors'
knowledge and training, the fiduciary
duty rule explains that the board has the
authority to obtain additional assistance.
The board may retain specialized staff,
counsel, advisers or other consultants.
Directors may also rely on the information, opinions, reports and financial
statements presented by staff and outside
consultants if they reasonably believe
THE NAFCU JOURNAL  MARCH-APRIL 2018

that the information presented is within
their expertise. A director must act with
reasonable care in determining whether
it is appropriate to rely on the information. This requires the director to
evaluate the person's competence on the
matter at hand, considering their education and experience; to assess the person's reliability, including any conflicts of
interest; and to have actually read all the
information or to have been present at
the meeting where the information was
presented. If the director has knowledge
that would make reliance unwarranted,
the director must not rely on the information presented.

suggests directors review the Federal
Credit Union Handbook and The Director's Book. The FDIC's Pocket Guide for
Directors and Community Bank Director's Guide to Corporate Governance
may also be helpful resources. NAFCU
also publishes a Credit Union Director
Handbook and provides opportunities
for credit union volunteers to certify on
key topics.
Jennifer Aguilar, NCCO, is NAFCU's regulatory compliance counsel.

For additional guidance on the fiduciary
duties of credit union directors, NCUA
45


http://www.nafcu.org/compliancecalendar

Table of Contents for the Digital Edition of The NAFCU Journal March - April 2018

Conferences
From the Chair
Your Washington Watchdog
Advocacy Snapshot
Washington and Industry Briefs
Growth Strategies
Understanding Risk and Managing It
The Board of Directors
Best-of-Class Strategies for Retaining Top Talent
Executive Spotlight
Management Insight
Compliance Central
Inside NAFCU Services
From the President’s Desk
The NAFCU Journal March - April 2018 - Cover1
The NAFCU Journal March - April 2018 - Cover2
The NAFCU Journal March - April 2018 - 1
The NAFCU Journal March - April 2018 - 2
The NAFCU Journal March - April 2018 - Conferences
The NAFCU Journal March - April 2018 - From the Chair
The NAFCU Journal March - April 2018 - 5
The NAFCU Journal March - April 2018 - Advocacy Snapshot
The NAFCU Journal March - April 2018 - 7
The NAFCU Journal March - April 2018 - Washington and Industry Briefs
The NAFCU Journal March - April 2018 - 9
The NAFCU Journal March - April 2018 - 10
The NAFCU Journal March - April 2018 - 11
The NAFCU Journal March - April 2018 - 12
The NAFCU Journal March - April 2018 - 13
The NAFCU Journal March - April 2018 - 14
The NAFCU Journal March - April 2018 - 15
The NAFCU Journal March - April 2018 - 16
The NAFCU Journal March - April 2018 - 17
The NAFCU Journal March - April 2018 - 18
The NAFCU Journal March - April 2018 - 19
The NAFCU Journal March - April 2018 - Growth Strategies
The NAFCU Journal March - April 2018 - 21
The NAFCU Journal March - April 2018 - Understanding Risk and Managing It
The NAFCU Journal March - April 2018 - 23
The NAFCU Journal March - April 2018 - 24
The NAFCU Journal March - April 2018 - 25
The NAFCU Journal March - April 2018 - The Board of Directors
The NAFCU Journal March - April 2018 - 27
The NAFCU Journal March - April 2018 - 28
The NAFCU Journal March - April 2018 - 29
The NAFCU Journal March - April 2018 - 30
The NAFCU Journal March - April 2018 - 31
The NAFCU Journal March - April 2018 - 32
The NAFCU Journal March - April 2018 - 33
The NAFCU Journal March - April 2018 - Best-of-Class Strategies for Retaining Top Talent
The NAFCU Journal March - April 2018 - 35
The NAFCU Journal March - April 2018 - 36
The NAFCU Journal March - April 2018 - 37
The NAFCU Journal March - April 2018 - 38
The NAFCU Journal March - April 2018 - 39
The NAFCU Journal March - April 2018 - Executive Spotlight
The NAFCU Journal March - April 2018 - 41
The NAFCU Journal March - April 2018 - Management Insight
The NAFCU Journal March - April 2018 - 43
The NAFCU Journal March - April 2018 - Compliance Central
The NAFCU Journal March - April 2018 - 45
The NAFCU Journal March - April 2018 - Inside NAFCU Services
The NAFCU Journal March - April 2018 - 47
The NAFCU Journal March - April 2018 - From the President’s Desk
The NAFCU Journal March - April 2018 - Cover3
The NAFCU Journal March - April 2018 - Cover4
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