Increasingly, employers who provide their employees with a retirement plan are relying on 401(k) and similar defined contribution
plans instead of defined benefit plans. As a result, participants are paying more of the cost of managing their pension plans,
which can take a substantial toll on their retirement savings.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.
CUNA is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.