The NCUA on Monday issued a final rule for Dependent Care and Board Member Reimbursement. The final rule provides flexibility for a federal credit union’s board to adopt more family-friendly policies tailored to its size, region, and operations. The rule updates NCUA regulations to clarify that volunteer board members and committee officials may be reimbursed for reasonable dependent care expenses—including childcare, eldercare, and care for disabled dependents—without those reimbursements being treated as prohibited compensation.

The NCUA also recently joined the FDIC, OCC and the Financial Crimes Enforcement Network (FinCEN) in issuing an advisory urging banks and financial institutions to increase vigilance against money laundering, payroll tax fraud, and identity theft connected to the employment of immigrants lacking permanent legal status. The federal directive asks institutions to monitor 18 red flag indicators and report suspicious activity. View the FinCen Advisory.