Compliance Center: FFIEC Recommends Participation in Cybersecurity Information Sharing Forum

After assessment, FFIEC recommends financial institutions participate in forum to learn and spread best practices. Plus the compliance question of the week and legal briefs.

CFPB Interpretive Rule on Successors-in-Interest

The CFPB issued clarification on the Regulation Z ability-to-repay requirements and successor-in-interest situations. Also today: Legal Briefs, and the Question of the Week.

Compliance Question of the Week

What do we do when a fraud claim is filed but the member wrote their pin on their debit card?

CFPB Publishes Examination Procedures for Remittance Transfers

The Consumer Financial Protection Bureau has published its Examination Procedures for Remittance Transfers, which go into effect on Oct. 28. The CFPB only has direct examination oversight for financial institutions with more than $10 Billion in assets, but other regulators may look to these procedures when performing their own examinations.

Compliance Question of the Week

Do mobile banking transfers require a receipt?

NCUA Releases Regulatory Alert to Remind Credit Unions of Remittance Transfer Requirements

The regulatory alert reminds credit unions of recent major changes to the Consumer Financial Protection Bureau’s remittance transfer rule, and also serves to remind credit unions of the Oct. 28, 2013, compliance date.

Oregon Supreme Court Ruling Partially Overturns Lower Court Ruling Regarding MERS

An Oregon Supreme Court ruling opens the door for financial institutions to return to a quicker, less expensive non-judicial foreclosure process. More on how the ruling could affect credit unions is explained in this week’s compliance report.

Six Steps to Prepare for Cyber Attacks

Izz ad-Din al-Qassam Cyber Fighters, a hacktivist group that took credit for several recent DDoS attacks against banks, has said it will suspend the assaults for the time being. CUNA Mutual Group’s Ken Otsuka urges credit unions to use this opportunity to take six specific steps to defend against cyber attacks.

CFPB Delays Remittance Transfer Rule Based on Feedback, but Some Damage Already Done

The CFPB agreed last week to delay implementation of the international remittance transfer rule and to address certain concerning elements, but the Federal Home Loan Bank of New York has already indicated that it will stop processing international wire transfers at year’s end.

CFPB Releases Small-entity Compliance Guide for Remittance Transfers

The CFPB has released a small-business compliance guide highlighting issues that businesses—especially small businesses and those that work with them—should consider while implementing the new remittance transfer requirements.

NWCUA Regulatory Advocacy Update: Association Comments on Use of Derivatives and Remittance Transfers

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 the NCUA, CFPB and upcoming comment deadlines.

New Disclosures to be Required in International Transfers

The CFPB recently adopted new protections for consumers who transfer money internationally, now requiring up-front disclosure of exchange rates and fees.

Legal Briefs

Your update on the regulatory landscape.

Wire Fraud: Identification and Prevention

Ken Otsuka of CUNA Mutual outlines how credit unions can avoid wire fraud, which costs the system over $4 million a year.