Compliance

CFPB Revises Its Supervisory Appeals Process for Financial Institutions

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 …

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FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

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 …

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NCUA Call Report Update: Focus on Overdraft & NSF Fees; Penalties Resume

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 …

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Fair Lending

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, …

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TCPA One-to-One Consent Rule, Effective January 2025

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 …

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Periodic Statement Record Retention

Happy Tuesday, compliance friends! Over the past few months, I have received quite a few questions on what the requirements are for retaining periodic statements, so I thought it may be helpful to write a refresher blog surrounding these requirements. To start, NCUA provides general record retention guidelines that outline various record retention recommendations. This …

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In the Crosshairs: Firearms Merchant Category Code

If your credit union issues credit cards or allows members to utilize peer-to-peer (P2P) payments, then you most likely interact with merchant category codes (MCCs). These four-digit codes denote the type of business involved in a transaction and are important to certain aspects of the financial services industry. For example, if a credit union offers …

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CFPB Proposes Rule to Prohibit NSF Fees for Instantaneous Transactions

On January 24 the Consumer Financial Protection Bureau (CPFB or bureau) proposed a rule with request for comment to prohibit covered financial institutions from charging nonsufficient funds (NSF) fees, when consumers initiate payment transactions that are declined “instantaneously or near-instantaneously.”   The proposal would prohibit financial institutions from charging fees for instantaneously declined transactions, regardless of …

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