Compliance Watch

Over the next few weeks leading up the effective date of September 1 for many bills, we will be publishing summaries in the newsletter from the last legislative session.

Credit Unions are encouraged to revisit the Department’s website at www.cud.texas.gov when needing forms for applications of bylaw changes, FOM applications, charter applications, mergers and notice and disclosure forms.

NCUA issued a regulatory alert warning, credit unions should review and understand a June 30 rule temporarily amending certain mortgage servicing requirements under the Consumer Financial Protection Bureau’s (CFPB) Regulation X.

On June 24, 2021, the NCUA Board unanimously voted to lift the prohibition of capitalization of interest in connection with loan workouts and modifications from Part 741, Appendix B.

Revised guidance on effective authentication and access risk management principles and practices related to digital banking services and information systems was issued this week by state and federal financial institution regulators through the Federal Financial Institutions Examination Council (FFIEC).

Question: Does the federal Fair Debt Collections Practices Act (FDCPA) apply to credit unions collecting on their own debts? Answer: Generally, no...

Up-to-date policies are all the rage with examiners, but laws and regulations seem to change more quickly than the latest fashion trends!

The Consumer Financial Protection Bureau's “Payday, Vehicle Title, and Certain High-Cost Installment Loans” rule has been held up by a federal court case in Texas.

As announced in an NCUA Press Release, federally insured, low-income credit unions seeking a Community Development Financial Institution certification can apply for the National Credit Union Administration’s streamlined qualification process between Sept. 12 and Oct. 15.

The IRS recently issued a press release announcing a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update Portal, found exclusively on IRS.gov.