CFPB Considers a Proposal to Overhaul Debt Collection Market

Also, a collection of legal news from the federal regulatory arena, and this week’s compliance question, answered.

Compliance Center: DOL Releases Final Fiduciary Rule Amendments

The Department of Labor (DOL) recently released the Final Rule defining the circumstances in which a person who provides investment advice in connection with a retirement plan or individual retirement arrangement (IRA) acts as a fiduciary under the Employee Income Security Act (ERISA).

Compliance Center: Members Wanting to Open Accounts Without Providing Any Taxpayer Identification Number

Setting the record straight on identification required to open accounts; your question answered about identifying non-U.S. persons under CIP; plus this week’s legal briefs.

Senator Don Benton Honored

Washington State Senator Don Benton received the Community Impact Award for decades of service to consumers and credit unions. The honors were presented during Credit Union Day at the Capitol in Olympia last week.

Compliance Center: NCUA Issues Guidance on Exam Data Encryption

Get the breakdown of the NCUA’s data encryption guidance; your question answered about HOA dues on TILA/RESPA forms; plus this week’s legal briefs.

Massive Credit Card Breach at Home Depot

Update: Home Depot acknowledges that they are the source of stolen credit cards. All U.S. and Canadian customers at risk.

Compliance Question of the Week

Can we require a borrower to triple the amount of money that goes into their escrow account?

10 Tips to Help Members Watch Their Wallets, Shop Wisely and Protect Their Personal Information Online

Just in time for the holiday shopping season, Oregon Attorney General Ellen Rosenblum offers 10 practical tips that credit unions can share with members to help them guard against the ever-increasing risk of cyber fraud.

Credit Unions Say Debit-Card Fraud May Be Linked to Wholesale Grocer’s Stores

Credit unions in eastern Washington, Idaho and Montana are being urged to watch for unauthorized debit- and credit-card transactions this week as the U.S. Secret Service continues to investigate a rash of fraud cases that may be linked to a local grocery wholesaler.

IRS Updates W-9; Credit Unions May Need to Modify Applications

The Internal Revenue Service has released an updated version of Form W-9 and instructions.

CFPB Issues Guidance on Reporting Financial Abuse of Older Adults

Credit unions may be the best advocates and watchdogs elder members have to protect them against fraud. Our compliance report details the signs of potential fraud staff should look for, and share CFPB guidance giving credit unions some latitude reporting potential abuse. This is a must-read for staff serving elder members.

Compliance Question of the Week

What is an FBO account?

Interchange Update: Financial Institutions’ Legal Teams Pursuing Options

The judge reviewing the debit interchange cap rule has set an aggressive schedule for the Federal Reserve to revise the rule. The Electronic Payments Coalition continues to monitor the developments.

FinCEN Issues New Ruling on the Treatment of Armored Car Service Transactions

FinCEN has issued a new ruling on the treatment of armored car service transactions. Our compliance report details the impact on credit unions.

.creditunion Domain Name

It’s possible credit unions will be able to ditch the “dot com” and “dot org” web addresses in favor of “dot credit union.” This week’s compliance report offers new information.

It’s Spring: Do You Know Where Your Flood Zones Are?

As most of the Northwest is experiencing a soggy May, it’s a good reminder for credit union lenders to shore up their flood zone data. This is critical information for mortgage approvals. In today’s Strategic Link business partner article, CUNA Mutual’s Kriss Besch shares some important insight.

Compliance Question of the Week

Can I charge any fees due to dormancy or inactivity, or stop paying interest on a dormant account?

Compliance Question of the Week

What are the required elements of a small estate affidavit?