Compliance Watch
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Texas Court Invalidates DOL Overtime Exemption Salary Threshold Rule
A federal judge in Texas struck down the DOL's latest attempt to raise the minimum salary thresholds for the FLSA's white-collar overtime exemption, finding that the rule exceeded the agency’s statutory authority. Login Required.
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NCUA Letter to Credit Unions 21-CU-07 Capitalization of Unpaid Interest
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. -
FFIEC Digital Banking Risk Guidance Revised
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 of the Week
Question: Does the federal Fair Debt Collections Practices Act (FDCPA) apply to credit unions collecting on their own debts? Answer: Generally, no... -
Vintage clothes are cool. Vintage policies are not.
Up-to-date policies are all the rage with examiners, but laws and regulations seem to change more quickly than the latest fashion trends! -
Payday Lending Rule Status Update
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. -
Streamlined CDFI Application Qualifying Round Opens Sept. 12
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. -
Child Tax Credit Update
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. -
New CFPB Tech Specs for Card Agreement Data Submissions
The CFPB has published [86 FR 46953] new technical specifications for certain credit card issuers to submit credit card agreements and data to the Bureau under the Truth in Lending Act and the CARD Act. -
Treasury Proposes Amendments to its ACH Rules
The Department of the Treasury's Bureau of the Fiscal Service has published a proposed rule [85 FR 46631] in a recent Federal Register that would amend its regulations, Federal Government Participation in the Automated Clearing House (31 CFR part 210) to address... -
Q&A for Texas Credit Unions That Want to Prohibit Guns in Their CUs
Cornerstone League Regulatory and Compliance Counsel Suzanne Yashewski provides questions and answers for credit unions in Texas about the new laws regarding guns and the signs for prohibiting guns in their establishments.
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