If you’re an avid watcher of the Consumer Financial Protection Bureau (CFPB or bureau) like I am, then you’ve no doubt been paying close attention to the bureau’s war on fees. As we’ve blogged about previously, the CFPB has been targeting nearly every type of fee – from overdraft and non-sufficient funds fees, to paper …
I recently attended an NCUA webinar regarding the revised CDFI Certification Application and thought it may be helpful to provide a brief overview. Before we begin, let’s discuss what a CDFI actually is. CDFI stands for Community Development Financial Institutions and, according to this NCUA resource regarding the NCUA-CDFI Certification Initiative, “[t]he U. S. Treasury …
Community Development Financial Institutions (CDFIs) Read More »
Every marketing department knows the power of a good advertisement, but making exaggerated claims in marketing materials for financial products or services designed to make the product or service appear more attractive or valuable than it actually is can lead to a UDAAP violation. Deceptive advertising is one of the most common violations of UDAAP. …
Could Your Marketing Materials Be Considered “Deceptive??” Read More »
It’s that time of the year again, the HMDA reporting deadline! As noted in this NCUA Letter to Credit Unions, the deadline to report 2023 HMDA data to the CFPB is March 1, 2024. What about for 2024 data? Well fortunately, the 2023 HMDA letter is not an anomaly and NCUA generally publishes an annual …
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule updating the process by which financial institutions can appeal supervisory findings. The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes. The CFPB’s first …
CFPB Revises Its Supervisory Appeals Process for Financial Institutions Read More »
On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles related to residential property appraisal and valuation practices for member entities to consider in their consumer compliance and safety and soundness examinations. The principles are intended to aid member entities in assessing whether supervised institutions’ compliance management systems and …
If you’ve been following regulatory compliance developments over the past 18 months or so, then you’ve likely noticed that the regulatory agencies have increased their scrutiny of certain fees charged by credit unions. While numerous fees have been targeted, the agencies have focused the most attention on overdraft and non-sufficient funds (NSF) fees. For the …
NCUA Call Report Update: Focus on Overdraft & NSF Fees; Penalties Resume Read More »
Fair lending is on NCUA’s list of supervisory priorities again for 2024. Similar to other years, it falls under the umbrella of consumer financial protection. Areas of focus under this umbrella are based on things such as recent regulatory changes, trends in exam findings and violations, input from NCUA examiners and field staff, consumer complaints, …
Someone told me that tomorrow is Valentine’s Day. If you’re looking for love advice, you’ve come to the right place. Word on the street is the quickest way to make someone fall for you is a stare down from Chuck Norris… and probably roses. What would not be a good idea is to delegate the …
Board of Director: Delegable vs. Non-delegable Duties Read More »
This past December, the Federal Communications Commission (FCC) adopted rules intended to close the so-called “lead generator loophole” in the Telephone Consumer Protection Act (TCPA). According to the FCC, “lead-generated communications are a large percentage of unwanted calls and texts” received by consumers. To close this “loophole,” the FCC amended the definition of “prior express …
TCPA One-to-One Consent Rule, Effective January 2025 Read More »
