In this week’s edition of InfoSight, we learn additional information and a new link was added to the Representative Payees topic regarding changes that become effective next month. The Social Security Administration will be conducting background checks on new and existing representative payees. Individuals with certain felonies under State and Federal law will not be permitted to serve as a representative payee.
Although we don’t yet have clarity on how this change may impact credit unions, we believe awareness is important and InfoSight has been updated accordingly. We’ve contacted the Social Security Administration for more operational information. Check out the article in the “Compliance News” section for additional information.