Ask Buddy Q&A

Buddy, COMPASS' very own Compliance Ref, answers important compliance and regulatory questions each month in COMPASS' monthly Compliance Newsletter.

From questions about Reg E to Currency Transaction Reports (CTRs), Buddy is here to provide clarity!

COMPASS 4 CUs, LLC is not a substitute for legal counsel and does not provide legal advice. Services provided by COMPASS should not be construed as legal services, legal advice, or in any way establishing an attorney-client relationship.

Hey Buddy, if a member does not want to cancel his debit/credit card after a data breach, can we hold him liable for any losses that occur on his account after we’ve told him of the potential for fraud?

August 2016 GET THE ANSWER

Buddy, I know that we have to provide 2 copies of the notice of the right to rescind to each person who has the ability to rescind a loan secured by the principal dwelling. If we provide required disclosures electronically, do we need to send 2 copies?


Hey Buddy, do we have to identify the successor trustee on a trust account at account opening or only the trustee?

September 2016 GET THE ANSWER

Hey Buddy, my credit union has $200 million in assets. Are we required to escrow flood insurance premiums?

October 2016 GET THE ANSWER