Compliance Corner



DATE	POLICY / SUBJECT	EXPLANATION


08/09/12	Nationwide Mortgage Licensing System	Nationwide Mortgage Licensing System & Registry (NMLS) The NMLS Federal Registry was created at the direction of federal banking regulators to fulfill the registration requirement of federally chartered or insured institutions and their mortgage loan originators in compliance with the Consumer Financial Protection Bureau’s rules and the Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE Act”). As part of the Final Rule implementing the SAFE Act’s federal registration requirement, the federal banking agencies and Farm Credit Administration specified certain information provided to the NMLS Federal Registry be made publicly available. This information is publicly viewable through NMLS Consumer Access. NMLS Consumer access is a fully searchable website that allows the public to view information concerning companies and individuals licensed or registered through NMLS. Use the link below to view the NMLS Consumer Access website. http://www.nmlsconsumeraccess.org/ NMLS Registration Numbers Services Center FCU NMLS#408529 Laurie Warfel NMLS#417494 Jan Putnam NMLS#417554 Fonda Lacey NMLS# 873274 Shannon Hagen NMLS#800145 Judy Jackson NMLS#417563
06/11/12	Truth in Savings	The following changes will become effective June 11, 2012 - Non-Return Fee per check: $25.00 - NSF Fee per check: $25.00 - Non-Return Fee per debit card overdraft: $25.00 - NSF Fee per debit card overdraft: $25.00 - Non-Return Fee per preauthorized (ACH) withdrawal: $25.00 - NSF Fee per preauthorized (ACH) withdrawal: $25.00 - Stop Payment Fee for a check: $25.00 - Stop Payment Fee for preauthorized (ACH) item: $25.00
06/30/11	Share Draft Notice	All funds in a ‘‘noninterest-bearing transaction account’’ are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules. The term ‘‘noninterest-bearing transaction account’’ includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal (‘‘NOW’’) account, money market deposit account, and Interest on Lawyers Trust Account (‘‘IOLTA’’), even if share drafts may be drawn on the account. For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.
12/29/10	Debit Card Changes	CHANGES TO DEBIT CARD LIMITATIONS (Effective February 1, 2011) Currently: You may make purchases or withdraw funds up to the amount in your checking (share draft) account. 02-01-11: You may make purchases up to your available balance, with a limit of $5,000.00 in a 24-hour period. Your available balance includes the unsecured amount in your checking (share draft) account, savings (share) account and funds available on your Rescue Net, if applicable. Currently: You may perform a maximum of 10 debit card transactions in a 24-hour period. 02-01-11: You may perform a maximum of 15 debit card transactions in a 24-hour period. The following is a refresher of information that does NOT change: * You may withdraw up to your preauthorized limit daily.Your daily cash withdrawal limit may be up to $210.00. The withdrawal limit pertains to a 24-hour period. * You may withdraw up to your preauthorized limit daily. * Your daily cash withdrawal limit may be up to $210.00. The withdrawal limit pertains to a 24-hour period. * You MAY NOT transfer funds from savings (share) or checking (share drafts). * You are NOT allowed to deposit funds into your share or share draft accounts. * 3 invalid PIN attempts will freeze/lock your card from further use for 24 hours * Failure to activate your card within 90 days may lead to the removal of the card from the system and the card becoming void * Secured funds that have not cleared or settled after 4 business days will be released, but it does not guarantee that they can’t or won’t settle at a later time. * All valid debit card authorizations have 30 days to clear or settle against your checking (share draft) account.

05/25/10	Unlawful Gambling Notice	- The Department of the Treasury and the Federal Reserve Board has issued a joint final rule to implement the Unlawful Internet Gambling Enforcement Act. The rule focuses on screening for unlawful Internet gambling businesses at the time of account opening. The purpose of this rule is to prevent unlawful Internet gambling businesses from utilizing the banking system.

04/12/10	Truth-in-Savings (TIS)	- Effective date of May 1st, for dividends paid to your savings account on May 31st, you must maintain a daily balance of at least $100.00 in your savings account each day to obtain the disclosed annual percentage yield. Once an account balance exceeds the required minimum balance, dividends will be paid on the entire amount in the account for that day.

02/26/10	Truth-in-Savings (TIS)	Addition of Mobile Banking and updating of the Funds Availability Disclosure to align with the Federal Reserve's reduction in check processing centers.

08/18/09	Credit Card Variable Rate	The Credit Card Act of 2009, which was signed into law on May 22, 2009, has forced changes to our VISA credit card program. Effective February 1, 2010, the interest rate will be based on the Prime Rate as published in the “Money” section of The Wall Street Journal plus 7 percent. The rate will be determined semi-annually by the index on January 1, and July 1, adjusting February 1 and August 1, if necessary. The interest rate will never be more than 18% or less than 10%. The rate will not change more than 4% in any year. If this change went into effect today the rate would be: Prime Rate is 3.25% + 7.0 = 10.25%, compared to the present rate of 10.0%.

06/23/09	International ACH Transactions (IAT)	On September 18, 2009, huge changes will take place in the ACH world with the implementation of International ACH Transactions (IAT). Currently transactions can flow to and from the United States, Canada, Mexico and five European countries. The date above will provide the ability for these countries and others to begin sending and receiving ACH transactions. If you receive an IAT, the only difference you might notice is additional information on your statement. Although this will not have a big affect on you, the member, we have been working diligently behind the scenes to make sure we are in compliance and able to receive these transactions when and if they arrive.

06/15/09	Fee Changes	Please click here for fee changes effective June 15, 2009.

12/31/08	Non-VISA Pin-less transactions	Your SCFCU Visa® debit card allows you to conduct transactions on the PULSE® debit network, which generally requires you to enter your PIN. Some merchants are authorized to accept non-Visa debit transactions without requiring you to enter your PIN. These merchants must provide you with a clear way of choosing to make a Visa Check Card transaction if they support this option. If you choose to sign to authorize a debit transaction, the transaction will be routed as a Visa transaction. Please be advised that should you choose to make a transaction without a PIN, different terms may apply. Provisions of your cardholder agreement that specifically relate to Visa transactions are inapplicable to non-Visa debit transactions.

12/31/08	Annual Privacy Policy	We are required by NCUA on a annual basis to notify our members about the personal data we collect and how it is used. Click here for the brochure!

03/31/05	VISA - Foreign Transaction FEE	Effective April 1, 2005, there will be a 1% Foreign Transaction Fee on all transactions originating with a SCFCU Visa credit card or debit card. In the past this fee was included in the total amount, but now it will be listed as as separate itemized transaction. This fee is included in all ATM and POS transactions. If you have any questions, please feel free to contact Laurie Warfel or Tim Kenney in the Yankton office. This fee is imposed for the purpose of converting currency values only.

*SCFCU - COMPLIANCE CORNER*
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