Several weeks ago, we blogged about recent changes the National Credit Union Administration (NCUA) made to the Form 5300 – also known as the “Call Report.” To recap: Beginning March 31, 2024, NCUA now requires credit unions with assets of $1 billion or more to report the income earned through overdraft fees and NSF fees …
You ever heard someone say, “change is good,” when your life is falling apart? With the exception of a young attorney changing lanes, crashing into a desperate man trying to win back his family, and leaving the scene of an accident without his important case file, change can be good. Sometimes, federal credit unions find …
“Spring has sprung” and so has the likelihood of experiencing severe weather events. Just a quick look at weather.gov as I was writing this blog post revealed the risk of severe thunderstorms and flash flooding throughout one region of the U.S., the possibility of tornadoes in several states, and an elevated risk of wildfires in …
Disaster Preparedness: Can Your Credit Union Weather the Next Big Storm? Read More »
Happy Thursday, compliance friends! Today’s blog is going to discuss a topic that the Compliance Team at America’s Credit Unions gets quite a few questions about on a weekly basis. That topic? Record retention. Please note, this blog will not attempt to cover every possible record retention requirement. However, it will provide a brief overview …
Spring is in full bloom which means summer is right around the corner…and all its accompanying Federal holidays…Memorial day, Juneteenth, Independence Day, and Labor Day. These holidays can pose a challenge for compliance officers trying to calculate their delivery date under the TRID mailbox rule or determine when the right of recission expires on a …
IS IT A “HOLIDAY” OR A “BUSINESS DAY” UNDER REGULATION Z? Read More »
On March 27, 2024, the Consumer Financial Protection Bureau (CFPB) released Consumer Financial Protection Circular 2024-02 (the circular). The circular discusses the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices when marketing the cost and/or speed of sending remittance transfers. To those unfamiliar with deceptive acts or practices, under the CFPA, a …
CFPB Releases Circular on Deceptively Marketing Remittance Transfers Read More »
On March 13, 2024, the Small Business Administration (SBA) issued a policy change regarding the Paycheck Protection Program (PPP) loan forgiveness application process. This change expands the Direct Borrower Forgiveness Platform (DBF Platform) to simplify the forgiveness process and to allow all PPP borrowers that have not yet received forgiveness to submit their loan forgiveness …
As consumers expect an increasingly digital banking experience, the importance of Regulation E continues to grow. That regulation – which covers everything from debit card transactions to ACH and Peer-to-Peer (P2P) transfers – comes with a host of compliance requirements, as well as the potential for civil liability if the rules are not followed. In …
Regulatory Agencies Outline Regulation E Pitfalls Read More »
Last week was the 2024 Regulatory Compliance School for America’s Credit Unions. It was my first time attending in person and presenting. I have to say it was spectacular. I was able to speak with so many compliance professionals and hear other presentations as well. It was a great time, and I want to say …
Many of you probably saw the NCUA Express notice which was sent to credit unions last week announcing an upcoming webinar on liquidity. As you know, a credit union’s liquidity risk is a supervisory priority for NCUA because of the increased potential that liquidity stressors have on a credit union’s earnings and capital. Earlier this …
