In his statement before the U.S. House of Representatives Committee on Financial Services, Chairman Harper discussed the state of the credit union system, including NCUA’s mission to examine credit unions with $10 billion or less in assets for compliance with consumer protection laws and regulations. Chairman Harper stated to the Committee that NCUA is conducting …
On April 18, 2024, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis that discusses Bank Secrecy Act (BSA) data regarding Elder Financial Exploitation (EFE). Per FinCEN, EFE is “the illegal or improper use of an older adult’s funds, property, or assets.” This blog will briefly discuss the patterns …
The spring real estate market usually means more members are applying for mortgages, so I wanted to use this opportunity to review one of the most important provisions of the Real Estate Settlement Procedures Act (RESPA), Section 8(a) which prohibits kickbacks. Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback, or …
Does your credit union offer loans? If so, have you looked at your underwriting requirements recently? Specifically, what weight does the credit union give an applicant’s citizenship status? The Equal Credit Opportunity Act (ECOA) and Regulation B, section 1002.2(z) prohibits discrimination based on national origin. However, under section 1002.6(b)(7): “A creditor may consider the applicant’s …
On April 24, 2024, the National Credit Union Administration (NCUA) published an advance notice of proposed rulemaking (ANPR) seeking comments on how the agency can improve and update its records preservation program regulations and guidance. The NCUA is also requesting input from stakeholders on whether there is a need to update Part 749, which has …
The Consumer Financial Protection Bureau (CFPB) recently released its Supervisory Highlights covering consumer reporting companies and furnishers. The CFPB emphasized that inaccuracies in the credit reporting system have been a long-standing issue and as such will be prioritized in examinations of consumer reporting companies (CRCs) and furnishers, such as credit unions. This compliance blog will …
Spring 2024 Supervisory Highlights: Consumer Reporting Companies and Furnishers Read More »
Payoffs, kickbacks, payola, hush money, sweetener – all mean the same thing, a bribe. Federal financial institutions are subject to the requirements of the Bank Bribery Act (18 U.S.C. § 215).The Bank Bribery Act or BBA was last amended in 1985 when it required federal financial regulatory agencies to establish guidelines to assist financial institution officials …
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 »
