Compliance Center: Helpful TCPA Resources from CUNA

A June ruling by the FCC regarding the Telephone Consumer Protection Act (TCPA) continues to prompt questions regarding its interpretation.  Below are several resources that may provide assistance and answer many questions:

Compliance Question of the Week

We received a garnishment notice for a member who has a joint account and a business account. Are the funds in both accounts subject to the garnishment?

The general rule is that if the person to be garnished is the OWNER of the funds, not just a signer, the funds should be held.  In practice, this means that if a business is organized as a sole proprietorship, the funds are held.  If, however, the business is a corporation, LLC, LLP or partnership, the funds are not held.  Similarly, if the person to be garnished is the custodian on an UTTMA account, the funds are  not held.  So in this example, the funds from the joint account would be garnished, but the funds in the business account, unless it is a sole proprietorship, would not be garnished.

Legal Briefs

National Credit Union Administration (NCUA)

The NCUA announced that it has released a new risk-based capital rule video to help credit unions understand more about the rule and what to expect during the three year implementation period.

The NCUA announced that it has opened nominations for credit unions interested in consulting assistance from the NCUA’s Office of Small Credit Union Initiatives. The nominations will be accepted through November 30, 2015.

Consumer Financial Protection Bureau (CFPB)

The CFPB released its Fall 2015 Supervisory Highlights report.

Department of Housing and Urban Development (HUD)

HUD announced that it has finalized an amendment to its Section 108 Program that will allow it to collect fees from program borrowers to offset the costs of the Section 108 guarantees.

Federal Reserve Board (FRB)

The FRB released its G.5 Monthly Foreign Exchange Rates.

The FRB announced that it will conduct its sixth triennial study to examine the volume and composition of electronic and check payments in the U.S.

The FRB announced that it will increase its pricing for its paid services in 2016.

The FRB released the November issue of FedFocus.

The FRB, jointly with the OCC and FDIC, conducted an annual review of the credit risk in the Shared National Credit portfolio, noting that the risk remained at a high level.

U.S. Department of the Treasury (Treasury)

The Treasury launched myRA, a new savings option for individuals that do not have access to retirement savings plans at work.

Office of the Comptroller of the Currency (OCC)

The OCC released a revised handbook, “Credit Card Lending”, which incorporates national statutes, regulations, guidance, and examination procedures. 

The OCC issued a consumer compliance bulletin that provides guidance in initial examinations reviewing the compliance with the new TILA/RESPA Integrated Disclosure rule.

Federal Financial Institution Examination Council (FFIEC)

The FFIEC issued a statement alerting financial institutions to the increasing frequency of cyber attacks involving extortion.

Office of Foreign Assets Control (OFAC)

OFAC has updated the SDN list as of November 5, 2015. The last update prior to this was October 20, 2015.

Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News, NCUA.