The CFPB will host its first symposium of its announced series June 25 in Washington, D.C. on UDAAP, featuring two panels of UDAAP experts and remarks from CFPB Director Kathy Kraninger and Deputy Director Brian Johnson.
The Federal Communications Commission Thursday approved a declaratory ruling on default call-blocking. CUNA’s action alert helped secure a “safety valve” in the order, and CUNA’s CompBlog examines what the ruling means going forward.
NCUA issued a regulatory alert last week on flood insurance alternatives. Effective July 1, credit unions must accept private flood insurance for applicable loans as defined in the Biggert-Waters Act, in addition to policies available under NFIP.
NCUA has previously said assessing a credit union’s preparedness for CECL is a supervisory priority in 2019, and now an AIRES examination questionnaire on CECL preparedness is available with nine questions currently being used by examiners.
FinCEN issued guidance and an advisory relating to virtual currencies last week, affirming its regulatory frameworks, warning of threats posed by virtual currency misuse and consolidating current guidance, regulations and administrative rulings.
OFAC published a framework last week to provide guidance on essential components of an effective sanctions compliance program and outlining how OFAC may incorporate these components into its evaluation of apparent violations.
The CFPB announced last week changes to its policies related to Civil Investigative Demands, changes designed to ensure more information is provided by the CFPB at the onset of the investigation about potentially wrongful conduct.
CUNA has updated its Military Lending Act credit card fee spreadsheet for the first quarter of 2019. The spreadsheet is necessary because a credit union may exclude a bona fide credit card fee from the MAPR if the fee is considered “reasonable."
CFPB Director Kathy Kraninger announced a symposia series last week on exploring consumer protections in today’s dynamic financial services marketplace. The first topic will be clarifying the meaning of UDAAP.