NCUA’s member business lending rule has been in effect for more than 5 months now, and credit unions are still working on implementing the rule’s changes. This month’s compliance feature examines new requirements in section 723.5 of the regulation.
NCUA’s latest legal opinion letter addresses contiguous geographic boundaries, recognizing that several Hawaiian islands can be contiguous for the purposes of the agency’s rural district regulation, despite being separated by a body of water.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
CUNA’s compliance staff went back to basics in a recent CompBlog post highlighting what credit unions should do when they receive a garnishment notice. The entry covers 5 steps credit unions should follow.
The NCUA provided guidance on updated compliance risk indicators, which incorporate the principles of the Consumer Compliance Rating System. The updated compliance risk indicators detailed in NCUA's recent letter focus on three areas and specific factors within each area.
CUNA’s compliance staff continued its look into the NCUA’s new member business lending rule last week with a CompBlog entry looking at personal guarantees. The removal of the personal guarantee requirement became effective in May 2016.
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.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.