ViClarity Compliance Update

GAO flags NCUA on AI oversight; CFPB’s open banking rule faces court fight; Bank jugging trend grows; Virtual cards gain traction for fraud protection.

The Dakota Credit Union Association’s dues-supported compliance solution –  ViClarity – is a world leader in credit union compliance. To read the complete articles/answers that are linked, you will need to log in with your username and password. If you have questions about establishing your members-only account with ViClarity, click here for detailed instructions or contact DakCU's John Alexander.​ 
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More, Please! GAO Notes That the NCUA Lacks Adequate AI Implementation Guidance
The Government Accountability Office (GAO) published a report that indicates that the National Credit Union Administration (NCUA) has not developed the proper tools to oversee artificial intelligence (AI) implementation in credit unions. The report was published May 19, 2025. Read more here. 

Opening a Can of Worms? CFPB to Vacate Open Banking Final Rule
Last year, the U.S. saw the first step towards a regulatory “open banking” framework when the Consumer Financial Protection Bureau (CFPB) passed a final rule, which expanded Section 1033 to the Dodd-Frank Wall Street Reform and Consumer Protection Act. Currently, the rule is being defended in federal court by financial technology companies (fintechs). Find out more about this rule here.

“Bank Jugging” Trend Arises in Certain States
Recently, federal and state law enforcement authorities have warned of the rising trend of “bank jugging”. Though the act of “bank jugging” is not new, the rising trend is creating a troubling reality for consumers of financial institutions. Discover more here.

V is for Virtual: Virtual Cards Increase in Popularity as a Protective Measure Against Fraud
Purchasing items online sometimes can feel like you’re playing Russian Roulette with your personal financial information. Fraudsters and other bad actors seem to be able to access personal financial information no matter how many protections are in place. Learn more here.