Compliance Center: CFPB Issues Bulletin on Reporting Negative Account Histories

The CFPB warns financial institutions about misreporting account information to credit reporting companies; your question answered about FCRA requirements for credit reporting; plus this week’s legal briefs.

NCUA Outlines Diversity Best Practices

The policy statement does not create any new compliance obligations, and the Administration will collect voluntary self-assessments from credit unions in order to understand diversity trends in the industry.

Credit Union Value Greets Lawmakers at Flagship National Conference

State leagues, CUNA, AACUL, CUNA Mutual Group and Washington State Credit Unions join forces to put America’s credit unions front and center at state lawmakers’ conference.

Compliance Center: Federal Agencies Issue Final Policy Statement for Assessing Diversity Policies and Practices

Get the details on the interagency diversity policy; your question answered about denying a Reg E claim; plus this week’s legal briefs.

NCUA Eases Secondary Capital Supervisory Policies

Changes make it easier for low-income credit unions to obtain secondary capital and give investors greater clarity.

GAO: Data Breach Policies Challenge Even Government Agencies

Merchants and financial institutions aren’t the only ones with data breach headaches. A recent U.S. Government Accountability Office study reviewed eight federal agencies and found that while they “generally” developed data security breach policies and procedures, they inconsistently implemented them.

Are You Linked? Credit Unions Look to Human Resources for Social Media Policies

If a credit union isn’t connected, it’s disconnected, as members have access to all online, mobile and social media platforms. But Strategic Link Partner JMFA has some important reminders about standards and policies that credit unions must put in place to protect their security systems, reputations, employees, and members.

Picture of sticky notes with question marks on them

Compliance Question of the Week

What policies must be approved by the board?

Navigate the Social Media Minefield

Recent media reports about companies asking staff for their Facebook passwords highlight a larger challenge facing HR professionals: in the world of HR management, nothing changes faster than the social media landscape—and the laws and regulations surrounding it.

CFPB Issues Guidance on Indirect Lending and ECOA Compliance

A bulletin released last week by the CFPB provided indirect auto lenders within the CFPB’s jurisdiction with suggestions for limiting fair-lending risks under the ECOA for discriminatory dealer markups.

FFIEC Releases Proposed Guidance on Social Media

The FFIEC is seeking comment on a proposed guidance applying consumer protection and compliance laws, regulations, and policies to activities conducted via social media by financial institutions and nonbank entities supervised by the CFPB and state regulators.

Recent NCUA Exams Focused on IRR Policies

In a recent CUNA Pressing CU Compliance Issues webinar, Jeff Anderson from PolicyWorks LLC said that credit unions have been reporting that the new requirement for IRR policies has garnered significant attention in recent NCUA exams.

CU PolicyPro, NWCUA Partnership to Expand Compliance Solutions

Through a partnership with CU PolicyPro, expanded around-the-clock compliance resources will roll out Thursday at no additional cost for NWCUA member credit unions. CU PolicyPro offers more than 200 model policies that can be customized to fit each credit union’s needs.

Forums Provide a Balanced Perspective on Policies and Procedures of Consumer-Friendly Overdraft Programs

Strategic Link strategic partner John M. Floyd & Associates how its work with the CFPB on overdraft practices has revealed a pattern regarding the use of overdraft protection and how account holders are affected by different practices.

Re-sequencing Debit Transactions Earn Banks Negative Attention, Profits, Record Penalties

As banks settle multimillion-dollar lawsuits for illegal overdraft policies, credit unions are now being brought into the fray and may soon face the same type of attention and penalties as their for-profit cousins.

NCUA Adopts New Rule on TDRs

The NCUA has adopted a new final rule that clarifies reporting, requires new policies and requires data collection on modified loans, allowing credit unions to modify loans without having to characterize them as delinquent.

NCUA Issues Letter to Credit Unions on Interest Rate Risk

Credit unions with greater than $50 million in assets and those with assets between $10 and $50 million that meet a handful of other criteria have until Sept. 30 to adopt a written IRR policy and implementation program.

Compliance Question of the Week

Which credit unions does the NCUA require to have interest rate risk policies?