Compliance

What's a 'Disability?'

November 23, 2009
Karen Saul New ADAAA provisions reinstate a broad scope of protections. In September 2009, the Equal Employment Opportunity Commission (EEOC) approved a notice of proposed rulemaking to conform its regulations to the Americans with Disabilities Act Amendments Act (ADAAA), which became effective Jan. 1, 2009. The notice proposes changes to... READ MORE

Prepare for Overdraft Protection Rules

November 23, 2009
Valerie Y. Moss CUNA opposes legislation that could adversely affect CUs’ overdraft programs. Many credit unions offer overdraft (“bounce”) protection or “courtesy pay” programs to help members resolve short-term financial problems. These programs, when members use them appropriately, serve as a valuable alternative to overdrawing their share accounts. They can... READ MORE

Tweeters nearly double

November 23, 2009
Tweeters Nearly Double One-fifth (19%) of Internet users now use Twitter or another service to post or view status updates, according to the Pew Internet & American Life Project. That’s up from 11% in December 2008 and April 2009. Three groups of Internet users are driving the growth of this... READ MORE

Anatomy of a 'Fix'

November 23, 2009
Daniel A. Mica How things get done in Washington—and who deserves the credit. This is a political story about how things get done in Washington—and who deserves the credit. It’s also a story about the Credit Union National Association (CUNA), the leagues, and credit unions—and how the credit union movement’s... READ MORE

Tackle the 500-Pound Gorilla That is Compliance

November 09, 2009
By Steve Gibbs Implementing and monitoring compliance programs can be a daunting task—a “500 pound gorilla,” if you will. Some of us have begun to recognize the “gorilla” and look it straight in the eye. However, as any trained animal handler will tell you, once you’ve looked a beast in... READ MORE

Compliance Q&A: Unauthorized EFTs

October 27, 2009
By Valerie Moss Q Does a credit union have to follow through on its investigation of an unauthorized electronic fund transfer (EFT) if the member withdraws the allegation?   A No. The credit union can discontinue its investigation if the member voluntarily withdraws the notice alleging an unauthorized EFT. The... READ MORE

CUs Dodge 'Warning' Bullet

October 23, 2009
Michael McLain The Fed limited a troublesome CARD Act provision to credit cards. Many credit unions have had difficulty complying with the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. The requirement that a periodic statement be provided at least 21 days prior to a loan payment due... READ MORE

No Respite From RESPA

October 23, 2009
Nichole Seabron Take a proactive approach to consumer-friendly RESPA amendments. The Department of Housing and Urban Development (HUD), the agency that administers the Real Estate Settlement Procedures Act (RESPA), issued a final rule amending RESPA requirements. Changes become effective on Jan. 1, 2010. RESPA makes certain lenders provide disclosures to... READ MORE

Senior Scams

October 23, 2009
Seniors get fleeced out of billions of dollars every year—and most of it goes unreported. READ MORE

Interchange Fight: Less Visible, No Less Intense

October 23, 2009
Mark Wolff Both sides have powerful and committed constituencies. In Washington, it’s sometimes said that health-care reform is “sucking all the oxygen out of the room.” That suggests all other domestic issues are being shunted aside, which is not the case. Less visible, though still intense, political battles are raging... READ MORE

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#BSA #AML Examination Manuel Update released

On December 2nd the Federal Financial Institutions Examination Council (FFIEC) released the much anticipated revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. An update for this manual had not been released since 2010. The revisions clarify supervisory expectations and incorporate regulatory changes since the last update. Numerous revisions have been made throughout the manual. Sections […]

#FannieMae & #FreddieMac’s New Guidelines Aim to Make Mortgage Lending Easier

New guidelines from Fannie Mae and Freddie Mac took effect this Monday, with the intent of relaxing lending standards for borrowers.  The new guidelines provide clarification on when lenders can be penalized for making mistakes in mortgages they sell to Fannie and Freddie.  Prior to the update, lenders  cautious of making a mistake kept strict standards […]

Proposed Changes to Mortgage Servicing Rules

On November 20th the Consumer Financial Protection Bureau (“CFPB”) proposed to amend several mortgage servicing rules under both Regulation Z and Regulation X. The proposed rule is 492 pages long and to date has not been thoroughly vetted. However, let’s take a look at some of the highlights: Successors in Interest: A successor in interest […]
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