CUNA reg. compliance school yields overdraft, TCPA tips

May 3, 2016

This year’s spring Regulatory Compliance School has already yielded a number of helpful nuggets of information, as covered previously in News Now. The latest round of information comes from a “Hot Topics” panel of experts and covers everything from the Federal Communications Commission’s Telephone Consumer Protection Act (TCPA) to remote deposit capture.

CUNA’s next Regulatory Compliance School is scheduled for Sept. 26-30 in Tempe, Ariz. Registration is open.

The helpful tips include:

  • TCPA: Credit unions should inventory who performs which job duties, such as making outbound calls,in order to determine how the TCPA requirements apply to that credit union and what changes need to be made;
  • Account beneficiaries: Older members with large asset accounts should be encouraged to have beneficiaries on those accounts. It’s helpful for the member, but can be used as a marketing tool as well;
  • Overdraft services: It is essential to ensure that a credit union’s overdraft program does exactly what it advertises. In addition, non-sufficient funds, overdraft and stop payment fee amounts should be the same, otherwise a regulator or a litigator could argue they are unfair;
  • Fair lending: Just collecting and reporting on data required under the Home Mortgage Disclosure Act isn’t enough, credit unions must ensure quality assurance. Remember, fair lending rules apply to everything from advertisements to collections;
  • Remote deposit capture: When members endorse remote deposit items, it helps remind them they have already deposited the check, but if the check comes back, it may be difficult to deposit again. Remote deposit capture was covered during last year’s CUNA Bank Secrecy Act Conference as well.

CUNA’s CompBlog contains a number of dispatched (?) from CUNA’s latest Regulatory Compliance School, among other topics. CUNA’s Compliance Community contains CompBlog, as well as discussion boards and other resources for credit union compliance professionals around the country.