Compliance Center: NCUA Releases Agenda for April 30 Board Meeting

NCUA agenda set; your question answered on charging fee for dormancy; plus this week’s legal briefs.

Compliance Question of the Week

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

Washington DFI Issues Statement of Charges Against Five Unlicensed Online Lenders, Including Western Sky Financial

The Washington Department of Financial Institutions is seeking restitution, prohibition from operating in the state and $669,300 in fines from five unlicensed online lenders owned and operated by Martin Webb. “These companies are preying on financially struggling Washington consumers with loans at unconscionable repayment terms,” said DFI’s Deborah Bortner.

Compliance Question of the Week

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

New Options for Toll Free Credit Counseling for Credit Card Statements

Following the NFCC’s decision to charge for previously free toll-free numbers, there are other free options available, but CUs must be aware of the compliance issues if they switch providers.

Fed Clarifies Portions of New TILA Rules

The clarifications relate to the Fed’s final rule and are intended to help card issuers understand their compliance obligations under changes to Regulation Z.

Fed Issues Clarifications to Reg Z Provisions that Apply to Open-end Credit Plans, Including Credit Cards

The Federal Reserve Board approved a rule amending Regulation Z (Truth in Lending) to clarify aspects of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act).