Resources for Compliance
Listed below are events, tools, and resources to help Compliance Officers.
Next week, the National Credit Union Administration will pay dividends for more than 5,700 institutions eligible for the $735.7 million Share Insurance distribution, the agency announced. Statements will be mailed to dividend recipients this week, indicating the amounts they will receive. An institution that filed a quarterly Call Report as a federally insured credit union for at least one reporting period in calendar year 2017 will be eligible for a pro rata distribution.
At least three variations of counterfeit cashier’s checks using the routing number (111904419) of National United, a bank in Gatesville, Texas, are being presented nationwide in connection with various online employment opportunity scams, the Office of the Comptroller of the Currency (OCC) warned in an alert issued Thursday.
Chicago-based Alliant Credit Union was named in a class-action suit filed last week in federal court last week related to overdraft fees. The complaint alleges Alliant charged overdraft or NSF fees when members’ accounts had enough money in them to cover the transactions, violated federal law by misrepresenting its opt-in clause for overdraft protection and violated the Electronic Funds Transfer Act (Reg E), among other grievances.
The Association continues to be actively engaged in combating frivolous lawsuits and demand letters faced by member credit unions concerning website accessibility standards under Title III of the Americans with Disabilities Act (“ADA”). Most recently, a request for assistance in obtaining clarity from the U.S. Department of Justice (“DOJ”) relative to the ADA issue was sent to local Attorneys General based upon a national endeavor underway. Engagement with the DOJ was urged to reinvigorate the regulatory process. To assist and emphasize the importance to local credit unions, the Association advocated directly to the Attorneys General in Delaware, Massachusetts, New Hampshire, New Jersey, and Rhode Island to join this effort.
The Bureau of Consumer Financial Protection has posted its Spring 2018 Regulatory Agenda. There is no longer a mention of rulemaking for overdrafts.
Compliance is often cited as the greatest obstacle credit unions regularly face. As a CCUA member, you don't have to carry the compliance burden alone. Association staff is ready to assist.
When technical challenges or complex situations arise at your credit union, turn to CCUA's Compliance Services team. Our mission is to provide support to credit unions for regulatory compliance and operations in an understandable and easily accessible way.
The Treasury’s Financial Crimes Enforcement Network’s (FinCEN) customer due diligence (CDD) becomes effective May 11. FinCEN has made its electronic CDD beneficial owner certification form available.
New York’s Gov. Andrew M. Cuomo has directed the state’s Department of Financial Services (DFS) to support the development of medical marijuana and industrial hemp businesses by issuing guidance regarding what his statement announcing the guidance called the “safe and sound provision of banking services for these businesses."
Each week, The Credit Union Marketplace Experience Podcasts bring you commentary and thoughtful insights on topics shaping life at today's credit unions. Hear CCUA President/CEO Paul Gentile weigh in on what's front and center. Catch all the latest news and trends on the advocacy front, both legislative and regulatory, on compliance, and on education and professional development. All this and more on the weekly podcasts.
Loan participations have enjoyed a lengthy period of increasing popularity, and the numbers could be massive in just another few years, reports the Credit Union Journal.
CCUA offers member credit unions the ability to provide their employees a cutting edge online training solution which promises to provide staff the opportunity to learn how to identify elder financial exploitation - just another benefit of CCUA membership!
Elder Financial Abuse is a growing epidemic in our country. Congress is considering legislation (the Senior Safe Act) that will require financial institutions to report suspected fraud, while offering an indemnification clause to protect reporting individuals and institutions from lawsuits.
The Association has committed to combat the epidemic by providing our credit unions' employees with the education and tools necessary to stay ahead of the curve. Our partnership with EverFi, a company specializing in interactive learning, and the Credit Union Senior Safeguard program will allow credit union employees to receive certification in elder financial abuse training to be in that ‘safe harbor’.
In a joint filing in the U.S. District Court for the Western District of Texas, the Community Financial Services Association of America and the CFPB asked that the effective date of the payday lending rule be delayed until a new rule is issued or the lawsuit is resolved.
Can a credit union deliver account opening disclosures electronically? You’d think this would be a pretty simple, cut and dry question and answer. Unfortunately, it’s not as quick as we’d like. This is a really great example of how regulations don’t keep pace with changing technology. What made sense when the rules were written, no longer seem to make a whole lot of sense today with our ability to provide instant access to information electronically
The 57% of DDoS attacks against financial services more than doubled the next closest category, IT Services/ Cloud/SaaS (26%), and more than tripled telecoms (17%) in 2018’s first three months, reports the Credit Union Times.
Are marketing and compliance like oil and water in your credit union? Developing compliant marketing campaigns and managing marketing risk don’t have to cause you to pull your hair out. Marketers and compliance staff can find a happy medium.
The National Credit Union Administration and the Bureau of Consumer Financial Protection have issued a joint statement describing amendments to the Home Mortgage Disclosure Act that are required by the Economic Growth, Regulatory Relief, and Consumer Protection Act.
The Federal Trade Commission testified yesterday before the Senate Banking, Housing and Urban Affairs Committee that enforcement of the Fair Credit Reporting Act (FCRA) remains a top priority and outlined the agency’s efforts to educate consumers and businesses about the law’s requirements.
A bipartisan group of House members is urging conferees on the annual defense authorization bill to drop a provision that could eliminate the free rent benefit that credit unions receive on military bases.
The full House on Tuesday night passed by a 406-4 vote the JOBS and Investor Confidence Act of 2018, also known as House Financial Services Committee Chairman Jeb Hensarling’s “JOBS Act 3.0,” which includes a package of 32 bills, some of which make changes to the Dodd-Frank law.
Compliance Services that work for credit unions
The Association continues to remain engaged with developments concerning the massive data breach disclosed on September 7, 2017 at Equifax, one of the country’s three major credit reporting agencies. The incident revealed that criminal hackers exploited a U.S. website application vulnerability months earlier to gain access to the personal information of millions of U.S. consumers. Data accessed through this cybercrime event included individual customer names, social security numbers, birth dates, addresses, and related personally identifiable information.
The Massachusetts Division of Banks and Loan Agencies (“Division”) has released a regulatory determination which establishes the maximum allowable fee Massachusetts state-chartered banks and credit unions may assess certain consumer deposit accounts for processing dishonored checks, otherwise referred to as deposit return items (“DRI”).
Massachusetts has legalized recreational use, but distribution remains a federal crime. Andrew Lelling, the US Attorney for Massachusetts, is cautioning that he won't "immunize" state residents from federal enforcement. He also suggested his office would focus its marijuana enforcement efforts on just a few key areas: The overproduction and diversion of pot to other states, sales of the drug to minors, and organized crime.
Massachusetts Cannabis Commissioner Lays Out Framework for Banking Cannabis in Comprehensive Session
Recreational marijuana is coming to the Commonwealth in July, but is the burgeoning industry ready to be banked? That was the core question discussed yesterday as the Association hosted an engaging meeting with the Massachusetts Cannabis Control Commission, the Massachusetts Division of Banks, and member credit unions interested in cannabis banking.
Bureau of Consumer Financial Protection Acting Director Mick Mulvaney has shrunk the agency's advisory board to six people, weeks after clearing the board of its 25 members and barring them from reapplying to the new iteration of the advisory group.
Federally insured credit unions will no longer have to count loans made on any 1-to-4-unit family dwellings as member business loans after a vote by the National Credit Union Administration Board.
The NCUA intends to consider adding a new option to its Payday Alternative Loan Program, according to documents filed with the Office of Management and Budget. The new program would not replace the current PAL program, but would supplement it.
The NCUA Board met for its April open board meeting this week. At the meeting the Board approved two final rules. The first item was on capital planning and stress testing and the second on advertising.