ViClarity Compliance Update

​Key updates on fraud risks, interchange fees, and new FinCEN rules impacting credit unions.

Hidden in Plain Sight: Using NCUA Actions to Fortify Internal Controls
Insider fraud is an uncomfortable truth of the banking and financial services industry, but discovery can be especially jarring at credit unions. Instead of being big, faceless for-profit institutions, credit unions are cooperatives built on the premises of trust. From inception, community members pool their resources and extend trust to an elected board of directors, charged with the duty to oversee and safeguard the credit union. When this trust is broken, especially from the inside, the damage is pervasive and goes beyond simple monetary penalties. Several recent cases offer a useful window into how such breaches occur, and how we can evaluate and strengthen current safeguards in place. Read more here.
 
Illinois’ Attorney General Files Reply in Interchange Fee Case
The State of Illinois has garnered national attention for reasons that the financial services industry doesn’t love. Last year, the state passed the Illinois Interchange Fee Prohibition Act, which required that no portion of the interchange fee for any consumer transaction be charged on the portion of the sale subject to state sales tax. This law fundamentally changed the way financial institutions, including credit unions, could levy interchange fees. Find out more here.
 
Two-for-One: FinCEN Publishes Two Proposed Rules
Recently, the Financial Crimes Enforcement Network (FinCEN) has released two proposed rules which may impact the credit union industry. The first rule would alleviate and modernize Anti-Money Laundering (AML) and Countering the Financial of Terrorism (CFT) requirements. The second implements provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). Learn more here.
 
April 2026 – Q&As: Privacy

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.