CUNA’s inaugural Fair Lending Workshop took place last week in Denver, leading to valuable discussions on compliance with the Equal Credit Opportunity Act, the Fair Housing Act, the Home Mortgage Disclosure Act and more.
Sept. 23 is the implementation date for the first phase of same-day automated clearing house (ACH) service. NACHA finalized its same-day ACH rules in May 2015, and the Fed adopted the rules in September 2015.
The Federal Communications Commission issues its final rule on the handling of automated federal debt collection calls under the Telephone Consumer Protection Act last week which will become effective 60 days after its publication in the Federal Register.
The CFPB's mortgage servicing requirements will likely add to credit unions’ regulatory burden, CUNA believes, but what do they mean for credit unions from a compliance standpoint? CUNA compliance staff examined the new measures.
Credit unions serving, or considering serving, money services businesses could see reduced compliance burdens on several fronts. MSBs often present compliance issues due to increased regulatory scrutiny, and are a topic of discussion at CUNA’s BSA school.
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
The subject of dividends has come up in a number of questions to CUNA’s compliance staff recently, making this a good time to address questions with the NCUA’s Truth in Savings Regulation (12 CFR 707).
The Federal Communications Commission released a declaratory ruling last week clarifying that the Telephone Consumer Protection Act does not apply to calls made by the federal government, as long as the call is part of official business.
CUNA’s compliance staff has received questions about what the Fair Credit Reporting Act says about credit unions being allowed to pull credit reports for cross-selling purposes. Credit unions are not allowed to do so, with one limited exception.
With cybersecurity a top priority in 2017 for the financial services industry, CUNA’s compliance staff explored what credit unions should do in the event of a data breach at the institution or its service provider.