If you see something, say something. Back in college, I’d often see that message displayed on signs while riding the Subway in Manhattan. The message makes sense – government agencies are not all-knowing and need to rely on others to be their eyes and ears. The same is true, it seems, for federal regulators in …
Advertisements are everywhere these days. Everywhere you look, especially online, TV, or driving down the road, we see advertisements. For credit unions it is crucial to ensure that your advertisements or marketing materials are compliant with the regulatory requirements issued by regulators. This blog is a refresher on those general requirements for both open-end and …
The Basics: Open and Closed End Credit Advertising Requirements Read More »
The Children’s Online Privacy Protection Act (COPPA) is the topic of the day, and not the Italian word for “cup” or the famous nightclub in NYC that was the topic of the late seventies’ song by Barry Manilow. Now that summer is in full swing, I was listening to Yacht Rock radio (as I always …
Unlike the last five years’ worth of my birthday cards, account cards give members access to money. Also, unlike my birthday cards, it really matters what words are written on member account cards. Unlike my family… hopefully, his family was kind enough to reward him just for being born. From time to time, credit unions …
This past April, the U.S. Department of Labor (DOL) published a final rule re-defining when a person is an “investment advice fiduciary” for purposes of the Employee Retirement Income Security Act (ERISA). ERISA governs workplace employee benefit plans, such as pension plans and 401(k) plans, along with other types of retirement savings plans, such as …
We frequently receive compliance questions regarding various issues related to currency transaction reports (CTRs). However, this blog is going to address one of the scenarios I’ve been presented with recently. The question I received was regarding whether a withdrawal and a deposit can be included on the same CTR. So, what does the applicable guidance …
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) filed a stipulated final judgment against Freedom Mortgage Corporation (Freedom) for alleged violations of the Home Mortgage Disclosure Act (HMDA), Regulation C, and the Consumer Financial Protection Act. Financial institutions, including credit unions, are required to comply with HMDA and Regulation C if they meet …
CFPB Enforcement Action Highlights Consequences of HMDA Errors Read More »
The National Credit Union Administration (NCUA), Office of the Comptroller of the Currency, Treasury (OCC), Board of Governors of the Federal Reserve System (Fed), Federal Deposit Insurance Corporation (FDIC), Consumer Financial Protection Bureau (CFPB), and Federal Housing Finance Agency (FHFA) (collectively, the agencies) have adopted a final rule to implement the quality control standards mandated …
NCUA and Other Agencies Issue Final Rule on QC Standards for AVMs Read More »
Identification Documents are vital in today’s world. After all, they’re how you prove that you’re really you. Recently I’ve been asked for ID when visiting the doctor and picking my son up from summer camp. And, of course, credit union staff will often ask a member to present ID when conducting financial transactions. Given the …
Have you had a member call your credit union and ask if they can change their payment due date on their loan or credit card? If so, this blog is for you. We are going to go over the regulatory requirements for changing a member’s payment due date for both open-end and closed-end credit. Open-end …
Can a Credit Union Change a Members Payment Due Date? Read More »
