Compliance

Foiling a Scam

October 23, 2009
Steve Rodgers Alert CU staff thought something was wrong, and it was. Bank of America didn’t catch it. Citibank didn’t catch it. Neither did Wells Fargo. As employees at those banks were busy processing withdrawals, Joe Gonzales was busy draining 82-year-old Jack Whittaker’s accounts. In little more than a year,... READ MORE

Conference Demystifies Fraud, Compliance Issues

October 15, 2009
The CUNA Supervisory Committee and Internal Audit Conference , scheduled for Dec. 6-9 in Las Vegas, will cover hot topics including mortgage market fraud, compliance issues, and identity theft. At the conference, E. Michael Thomas, executive in charge of Crowe Horwath LLP, will present "Mortgage Market Fraud and Its New... READ MORE

Turn Regulatory Lemons into Lending Lemonade

September 25, 2009
By Bill Klewin There’s much to be said about what massive changes to the regulatory landscape could bring to credit unions. To set the stage, we need to remember the changes we’re facing: * New rules regarding the Real Estate Settlement Procedures Act ; * New Regulation Z (Truth-in-Lending) rules... READ MORE

Compliance Q&A: Servicemembers Civil Relief Act

September 25, 2009
By Valerie Moss Q How should credit unions apply the Servicemembers Civil Relief Act's (SCRA) 6% interest rate cap to new advances under an existing credit card or open-end home equity line of credit program?   A SCRA’s 6% interest-rate cap applies only to outstanding balances on loans taken out... READ MORE

Guilt by Proximity

September 23, 2009
James Collins Outrageous card practices begged for legislation. Question: What do you get when you lock a million monkeys in a room with a million typewriters and wait a million years? Answer: Lots of monkey poop. You might also get the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of... READ MORE

Community Conference Is for All CUs

September 23, 2009
CUNA’s Community Credit Union &Growth Conference isn’t just for community credit unions. It’s for every credit union looking to capture membership potential. The conference, Oct. 21-24 in Las Vegas, will explore a diverse range of topics, including: • Community credit union best practices; • Reaching out to Hispanics; • Targeting generation Y; • Financial... READ MORE

CARD Act, Proposed CFPA Remain Major Concerns

September 23, 2009
Mary Dunn Serious issues with the 21-day rule persist. Whether financial reform can proceed in Congress is unclear. But one component of the Obama administration’s reform package that could advance is the proposal for the new Consumer Financial Protection Agency (CFPA). While the prospects for Senate action on the proposed... READ MORE

Reg Z Revisions Keep Coming

September 23, 2009
Nichole Seabron Changes affect fees, disclosures, and advertising. The Federal Reserve Board’s revisions to Regulation Z (Truth in Lending) definitely will affect how your credit union does business—in both major and minor ways. It’s worth taking a closer look at two amendments in particular: the changes under the Mortgage Disclosure... READ MORE

One of 10 Robberies Targets CUs

September 23, 2009
Among the 1,278 financial institution robberies during the second quarter of 2009, 117 occurred at credit unions, according to statistics from the Federal Bureau of Investigation (FBI). That’s far less than banks suffered during this period (1,124) but more than thrifts (26) and mutual savings banks (11). Cash was taken... READ MORE

Compliance Q&A: Adverse Action Notices

August 27, 2009
By Valerie Moss Q Must a credit union provide an adverse action notice under Regulation B when it turns down a business loan application?   A Yes . Regulation B (Equal Credit Opportunity) applies to all credit—commercial as well as consumer loans. However, if two or more people have applied... READ MORE

The Works Blog The Works Blog is produced by PolicyWorks LLC, Des Moines, Iowa.

#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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