CUNA’s compliance staff went back to basics in a recent CompBlog entry examining floor rates on variable-rate open-end loans. These rates are governed by the Credit Card Accountability and Disclosure (CARD) Act.
The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.
CUNA’s compliance staff continued its closer look into the NCUA’s guidance on its member business lending rule with a CompBlog entry last week on collateral and security requirements for commercial loans.
Last week’s CUNA Governmental Affairs Conference brought 5,000 credit union leaders to Washington, D.C. During one of the breakout sessions, NCUA staff outlined where the agency is at regarding extending the examination cycle.
The Consumer Compliance Rating System is an interagency framework developed by the Federal Financial Institutions Examinations Council member agencies for evaluating an institution’s ability to manage consumer compliance risk and to prevent harm to consumers.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.