League News and Events

… A ruling on the garnishment of accounts containing federal benefit payments has recently been finalized by the Treasury Department, Department of Veteran's Affairs, Social Security Administration, Railroad Retirement Board and the Office of Personnel Management with an effective date of June 28. An interim rule which established procedures that financial institutions have had to follow when they receive a garnishment order for an account holder has been in effect since May 1, 2011, but the final rule makes several revisions to the interim rule, including the definition of “garnishment order,” which has been revised to include orders or levies issued by a state, state agency or municipality. Learn how this new rule will impact members and credit unions during the July 2 audio session, Responding to Subpoenas, Garnishes & Levies. The audio is from 11 a.m. to noon. Click here to register and for more information.

… On June 27, receive an overview of the rules surrounding International ACH Transaction, as well as highlights about responsibilities in the processing of IAT entries, including OFAC compliance obligations. The IAT application was introduced into the ACH Network in September 2009. According to NACHA, approximately 30 million IAT transactions were processed in 2012 and even more are expected in the future. What percentage of these will your credit union receive? But more importantly, are you properly processing these entries? Additionally, we will discuss recent ACH Rules changes related to IAT processing. This session is from 11 a.m. to noon and is $129 per connection. Click here to register for this audio.

Submissions to Monitor may be emailed. Bryan Laviolette is the editor of Monitor. Contact him by email or call (800) 262-6285, ext. 233. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. The MCUL reserves the right to edit submissions for clarity and space.
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