Compliance

Mortgage Servicing Rule: A Moving Target

October 01, 2013
The CFPB revisions to the mortgage servicing rule demonstrate the agency’s attentiveness to lenders’ concerns. READ MORE

CFPB Clarifies Ability-to-Repay and Mortgage Servicing Rules

September 26, 2013
These changes become effective Jan. 10, 2014, along with the rest of ATR and mortgage servicing rules. READ MORE

CFPB Publishes Mortgage Rules Readiness Guide

September 19, 2013
Updated periodically, the guide is designed for use by institutions of all sizes. READ MORE

Get Your Whole House in Order

September 16, 2013
Two areas warrant the particular attention of CU staff: fair lending policies and HMDA accuracy. READ MORE

Get Ready for CFPB’s Ability-To-Repay Rule

September 08, 2013
This final rule expands the ATR requirements to include most closed-end mortgages—with a few exceptions. READ MORE

Compliance Q&A: Record Keeping Requirements for Prescreened Credit Offers

September 01, 2013
Anyone who makes a prescreened credit offer must maintain specific records for three years, per the Fair Credit Reporting Act. READ MORE

NCUA Loan Participation Rule Effective Sept. 23

September 01, 2013
The NCUA Board approved a final rule in June to revise its loan participation rules READ MORE

Overdraft Report Raises Consumer Concerns

August 19, 2013
Despite the report, the CFPB isn’t expected to issue a rule to regulate overdraft practices this year. READ MORE

CFPB’s Exam Procedures Are Valuable Tools

August 18, 2013
Review them to survive the tidal wave of new regulations and bolster your compliance efforts. READ MORE

A Dangerous Intersection

August 14, 2013
All CUs should review their confidentiality policies for overbreadth, both in writing and in application. READ MORE

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

#VISA #MasterCard Zero Liability Changes

As of October 17, 2014 both VISA and MasterCard will be changing their zero liability policies.  Although they have the same effective date, there are a few key differences to the policy changes: MasterCard Zero liability policy will be expanded to include PIN-based POS and ATM transactions (currently these transactions do not qualify for zero […]

#FinCEN smuggling & trafficking guidance

Detecting and reporting suspicious transactions is essential in the financial industry. FinCEN issued an advisory last week to help financial institutions identify “red flags” to assist with the identification and reporting of suspicious financial activities connected with human smuggling and trafficking. Detecting and reporting: Important observations when interacting with members and throughout the credit unions […]

SCRA: An Acronym You Need to Know

In May, the United States Department of Justice announced a $60 million settlement with student loan servicer Sallie Mae for alleged violations of the Servicemembers Civil Relief Act (SCRA). As a result, the once seemingly forgotten 4th fair lending law now resumes its rightful place center stage. If it’s been awhile since your credit union’s […]
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