Advocacy News
Metsger to CFPB: Exempt Payday Alternative Loans in Proposed Rule
The NCUA Chair says the agency regulations provide the necessary consumer protection.
Anthem
Compliance Center: Supreme Court Rules Disparate Impact Claims Allowed Under Fair Housing Act
Learn more about the Supreme Court’s decision; your question answered on refunding garnishments; plus this week’s legal briefs.
Certification of Exemption from Foreclosure Mediation Due by Jan. 31
Credit unions in Washington and Oregon have until the end of the month to renew their Certification of Exemption from Foreclosure Mediation to avoid the mandatory mediation clauses in both states’ foreclosure statutes.
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.
Recent Circuit Court of Appeals Ruling Vacates U.S. DOL’s MLO Administrator Interpretation
A recent court decision vacates the Department of Labor’s Administrator Interpretation on Mortgage Loan Originators. The weekly Compliance Report has details.
Compliance Question of the Week
We received a garnishment for a member who receives “protected benefits,” but the benefits come in the form of a check. The member is telling us that we have to give him his money back. What do we do?
Reminder: Certification of Exemption from Foreclosure Mediation Due by January 31
Credit unions in Oregon and Washington have until the end of the month to renew the certifications to avoid the mandatory mediation clauses in the foreclosure statutes. The NWCUA’s compliance team has uploaded templates of the certifications online.
Credit Unions Still Receiving IRS Threats to Tax Status
Credit unions that receive a letter from the IRS notifying them of a possible revocation of their tax-exempt status should not ignore the letter—even though it may have been sent erroneously.
Most Mortgage Loan Officers Must be Paid Overtime
A U.S. District judge in Washington, D.C., recently upheld the DOL administrative interpretation that says mortgage loan officers are not exempt from overtime under the Fair Labor Standards Act, a ruling that will impact many credit unions.
What to Do if Your Tax Exemption Was Automatically Revoked by the IRS
The IRS has created a section of its website for credit unions who mistakenly received a letter notifying them of the automatic revocation of their tax exempt status.
NWCUA Regulatory Advocacy Update: Support for Portland’s Responsible Banking Resolution
The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here are updates on Portland’s responsible banking resolution and an NCUA online initiative.
IRS Issues ‘Tax Exempt’ Correction to Credit Unions
The IRS sent a letter of correction to credit unions that had been erroneously informed last year that they had lost their tax-exempt status due to a filing error.
IRS Contacting Individual Credit Unions Regarding Tax Exemption
Due to paperwork and recordkeeping issues, credit unions in a number of states have received letters from the IRS stating that they are no longer tax exempt. Included here is an explanation of the situation, as well as recommended responses for affected credit unions.
Interchange Fee Standards Published
The Federal Reserve Board published lists of institutions that are subject to, and exempt from, the debit card interchange fee standards.