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U.S. District Court Blocks DOL’s Overtime Rule Nationwide

The preliminary injunction blocks the implementation of the Department of Labor’s (DOL) new overtime rules which would have gone into effect on December 1.

Compliance Center: CFPB Issues Interim Final Rule on Operations in Rural Areas Under Regulation Z

The Consumer Financial Protection Bureau (CFPB) issued an Interim Final Rule that broadens the availability of certain provisions for small creditors that operate in rural or underserved areas. The new rule, which takes effect on March 31, 2016. Read today’s Compliance update to find out more.

Compliance Center: CFPB Proposes Amendment to Small Creditor, Rural or Underserved Areas Definitions

Learn more about the proposed CFPB amendment, learn how to verify a U.S. Treasury check, plus legal briefs.

Compliance Center: IRS Issues Proposal to Eliminate 36-Month Non-Payment Requirement From Form 1099-C

IRS proposes change to 1099-C; joint account question; and Legal Briefs.

FTC Issues Amended Rule on Identity Theft ‘Red Flags’

The FTC published an interim final rule on identity theft “red flags” that narrows the definition of a creditor to ensure the rule’s consistency with the Fair Credit Reporting Act.

Compliance Question of the Week

We had to reduce the credit line on a member’s HELOC because the value of the collateral has significantly dropped. What notice should I send to the member about this?

FASB Clarifies TDRs

CPA Daren B. Tanner clarifies recent changes to Troubled Debt Restructuring after FASB released a new update.