Compliance

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Jason Rene Kisor, a former employee of Pen Air Federal Credit Union, Pensacola, Fla., was convicted of theft, embezzlement, ...

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June 1, 2010, is the compliance date for the Unlawful Internet Gambling Enforcement Act regulations. READ MORE

This spring, the Federal Reserve Board amended Regulation E to implement the gift card provisions of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009. READ MORE

Does the new Reg E overdraft rule allow credit unions to charge a negative balance fee when the member’s ATM/debit card overdraft leads to a negative balance for a long period of time? READ MORE

Can CUs set up just one account for all OFAC-blocked funds? READ MORE

NCUA adopts a standardized, easy-to-understand privacy notice for consumers. The National Credit Union Administration (NCUA) along with the other federal regulators issued a model privacy form credit unions may use to comply with the Privacy Act’s initial and annual privacy notice requirements. NCUA’s regulations apply to all federally... READ MORE

Bellco CU Wins UBIT Challenge   Last month the U.S. District Court in Colorado ruled in favor of Bellco Credit Union, Greenwood Village, Colo., about limits on the Internal Revenue Service’s authority to collect unrelated business income taxes (UBIT) on several products.  The court ruled income derived from the sale of credit... READ MORE

By Valerie Moss Q What must a servicemember do to receive the 6% interest rate required by the Servicemembers Civil Relief Act (SCRA)?       A In order to apply for the 6% interest rate, the SCRA requires the servicemember to provide the credit union with a written notice... READ MORE

By Valerie Moss Q Prior to opening a new credit card account , we understand that our credit union now has to consider a member's "ability to pay" as if the line of credit was fully advanced. Say that under the terms of our credit card agreement, the member has... READ MORE

It is almost a holiday weekend. I know that all of you compliance folks are tired from the CFPB’s onslaught of final and proposed rules. You have been going full speed since January. And, the CFPB is going to be issuing a lot more “stuff” in June. So, I thought I would take a minute to [...]

If you remember last summer, NCUA’s Office of Consumer Protection notified over 1000 federal credit unions across the country of their eligibility for low income designation.  NCUA’s initiative was in part due to President Obama’s relief and recovery package to help drought stricken states across the country.   Many of you accepted the designation; however, do [...]

The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to purchase only qualified mortgages as of January 10, 2014. For those of us that follow the secondary mortgage market and compliance regulations, this shouldn’t be much of a surprise.   The new CFPB rule allows for loans to be underwritten as either [...]