REGular Blog
In today’s financial services environment, keeping up with the regulatory compliance landscape is challenging, and takes an ever-increasing commitment of your credit union's time and energy. Our REGular Blog is designed to keep you informed of what’s happening in the regulatory compliance world by providing not only our thought leadership and perspective, but also linking you to helpful resources from other trade associations and industry groups. From Richmond to Alexandria to Washington, stay in the know on issues to help you stay one step ahead of the regulators.
- Item of Note: DC Resolution on Foreclosure Protections
August 2, 2023On July 21, the Council of the District of Columbia approved PR25-0323 with resolution number R25-0220, which requires that notices continue to be sent to homeowners informing them of the District of Columbia’s Homeowner Assistance Fund (DC HAF) prior to a foreclosure action.
- Compliance: NCUA Issues Reminder on ECOA Requirements
August 2, 2023NCUA issued a reminder this week that "having a policy or practice of requiring manual underwriting as an exception to automated underwriting systems based on a minimum or maximum age" violates the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B. NCUA issued a Letter to Credit Unions (22-CU-04) in February addressing ECOA Nondiscrimination Requirements, including the prohibited basis variable “age” in their automated underwriting systems.
- Bylaws and Policies: Member Expulsion Part 4
August 1, 2023Welcome back! This is the final installment in our series on the NCUA's Member Expulsion Rule. So far we've covered how to determine if a member's behavior rises to the point of being expellable (Part 1), all of the Notices that you have to send (Part 2), and how the hearing and vote are conducted, as well as how to handle requests for reinstatement (Part 3).
- Member Expulsion Part 3: The Hearing, the Vote, and Requests for Reinstatement
July 28, 2023Welcome back to our series on the NCUA's Final Rule on Member Expulsion! In Part 1 we covered the criteria for expulsion, and in Part 2 we walked through all the required notices involved in this process. Today we're looking at the expulsion hearing with the member, the Board vote, and requests for reinstatement. Let's dive in.
- You're on Notice: Part 2 of the NCUA's Member Expulsion Rule Breakdown
July 25, 2023Today we're taking a look at the required notices. There's several steps to expelling a member through this process, and it's critical to make sure you've dotted your "i"s and crossed your "t"s. Part of that is sending all of the required notices with the required content.
- Expelliarmus! NCUA Issues Final Rule on Member Expulsion
July 21, 2023At Thursday's meeting of the NCUA Board, the Board voted unanimously to approve the Final Rule on an additional avenue for member expulsion. Today we'll be going over the eligibility aspect: what member behavior qualifies them for expulsion under this new process, and what doesn’t? Let's dive in.
- League President/CEO Carrie Hunt Featured in Podcast on State Vs Federal Advocacy
July 20, 2023League President/CEO Carrie Hunt was recently interviewed for the NAFCU Credit Union Policy Podcast for a discussion about state versus federal advocacy and policy priorities from the perspective of state regulators and lawmakers versus the federal level. Dive into specific issue areas including data privacy and data security, employment law concerns, and litigation trends.
- NAFCU Compliance Blog: An Overview of the Reasonable Cause to Doubt Collectibility Exception under Regulation CC
July 19, 2023The NAFCU Compliance Blog's latest post discusses the reasonable cause to doubt collectibility exception under Regulation CC.
- NAFCU Compliance Blog: Indirect Lending - Compliance Risk Considerations
July 12, 2023From time to time, the NAFCU Compliance Team receives questions from our members regarding indirect lending arrangements. Such partnerships with third parties present plenty of opportunity to credit unions, by helping to connect credit unions with potential borrowers (and thus potential members). However, there are also some compliance risk considerations that come into play as well. Let’s go back to basics and review indirect lending, particularly in the context of the non-member applicant.
- Deja Vu All Over Again: CFPB Fines Big Bank for Opening Fake Accounts
July 11, 2023CFPB enforcement actions are a good opportunity to review your credit union's policies, procedures and practices to make sure you don't run afoul in these areas. Let's review CFPB's enforcement action against Bank of America for double-dipping on NSF fees, withholding cash and points rewards on credit cards, and using customer information to open unauthorized accounts.
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