ViClarity Compliance Update

​"Carding" Schemes, potential impacts from recent executive orders, ongoing state legislation on interchange fees, and more.

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.

“Carding”: New Scheme, Same Tricks
 “Carding” or the process of stealing a payment card to purchase prepaid cards or gift cards is a form of fraud that the credit union industry is intimately familiar with. The stories of members whose cards are stolen are all too common and frequently are a source of anxiety for both credit unions and their members. Unfortunately, the trend of “carding” has gotten more complex, giving credit unions and their members something else to be on alert for. Read more here.

Potential Impact of Issued Executive Orders by the Trump Administration
Over the past month, the Trump Administration has issued numerous executive orders, some of which may seem to affect credit unions. Of the executive orders issued America’s Credit Unions (ACU) has selected the ones that may affect credit unions. You can find a list of those issued executive orders here.

State Trends of Interchange Fee Legislation
Interchange fees are a source of consternation for both merchants and credit unions. As this past year has continued, state legislatures have begun to tackle the issue, in many cases, to the detriment of credit unions. Read more now.

U.S. District Court Lifts Stay on BOI Reporting Requirements
The Financial Crimes Enforcement Network (FinCEN) has announced that the Beneficial Ownership Information (BOI) reporting requirements as part of the Corporate Transparency Act (CTA) are back in effect, as of February 19, 2025. Find more here.