Compliance Question of the Week

Are we required to give out copies of CTRs?

NCUA Board Approves Final Liquidity and Call Report Rules, Proposes Annual Stress Tests

The National Credit Union Administration Board approved three items at its Oct. 24 meeting: a final rule requiring all federally insured credit unions to plan for liquidity events; a final rule requiring all federally insured credit unions to electronically file Call Report information with NCUA; and a proposed rule requiring annual stress tests at federally insured credit unions with assets exceeding $10 billion.

CFPB Still has Concerns Regarding Credit Cards

The Consumer Financial Protection Bureau says the CARD Act has reduced penalty fees and made the cost of credit clearer for consumers. But the bureau says it is still concerned about add-on products, deferred-interest products, fee-harvester cards, and disclosures.

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.

Credit Unions Must Investigate Consumer Credit Report Disputes

A new bulletin from the Consumer Financial Protection Bureau spells out the bureau’s expectations for companies that furnish information for credit reports.

CFPB Releases Report on Mortgage Servicing Problems

A CFPB report details mortgage servicing problems at banks and other institutions. Many of the issues the report uncovers are harmful to consumers.

NWCUA/CUES Executive Summit Attendees Hear Study Debunking Bank Lobby Claims about Credit Union Tax Model

More than 60 credit union leaders took a deep dive into the ECONorthwest study debunking the bank lobby’s claims about the credit union tax model. The study was a keynote presentation at the NWCUA/CUES Executive Summit taking place this week in Sunriver, Oregon.

NWCUA Sends ECONorthwest Report to President Obama

NWCUA President/CEO Troy Stang has shared the ECONorthwest study with President Obama. In a letter sent to the White House this week, Stang discredits the bank lobby’s claims about credit unions’ tax model.

Credit Unions on the “Tax Reform Options” Table: What Does it Mean?

How serious is it that the Senate has spotlighted credit unions in a “tax options” report? It is not a recommendation, but the mention elevates the need for credit unions to turn on their grassroots machines.

Tax Advocacy Update: More than 100,000 Credit Union Members Contact Congress

Congress is hearing from tens of thousands of credit union members who want to preserve the tax model. CUNA and NWCUA toolkit resources are posted to help credit unions prepare their members with the key message points.

Legal Briefs

Your weekly update on the regulatory landscape.

Legal Briefs

Your weekly update on the regulatory landscape.

Joint Committee Issues Tax Report

With tax reform under the microscope in Congress, the Joint Committee on Taxation released a report this week examining exemptions and other reform ideas. Credit unions were mentioned 35 times, according to an analysis by CUNA.

Compliance Question of the Week

How can a member obtain a copy of their ChexSystems report?

Summary of the NCUA Webinar on Fair Lending Exams

The NCUA has announced more structure around its Fair Lending Examination Program. Responsibility for the program is now with the Office of Consumer Protection.

Legal Briefs

Your weekly update on the regulatory landscape.

Compliance Question of the Week

What happens if a merchant accidentally charges a credit card surcharge when they weren’t supposed to?

Legal Briefs

Your weekly update on the regulatory landscape.