Compliance Watch

Question: I hear Truth-in-Savings referred to as Regulation DD (12 CFR Part 1030). Should I be referencing this section with regard to our compliance obligations? Answer: No. According to Regulation DD itself, coverage applies “depository institutions, EXCEPT for credit unions.”

The Texas Credit Union Commission will meet on Aug. 26 to conduct a discussion of upcoming rule changes and to have its regularly scheduled meeting on Aug. 27.

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

Small asset size credit unions (currently under $100 million as defined by the NCUA) have different tools and resources at their fingertips that should be utilized.

The IRS and Treasury have announced that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of August as direct deposits begin posting in bank accounts and checks arrive in mailboxes.

HUD and FHFA have announced that they have entered into a first-of-its-kind collaborative agreement regarding fair housing and fair lending coordination.

The CFPB has examined whether credit has tightened on existing credit card accounts.

The Federal Housing Finance Agency has announced that it is providing the results of the 2020 and 2021 annual stress tests Fannie Mae and Freddie Mac were required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

In a recent Letter to Credit Unions(21-CU-08), the NCUA provides updates on technology efforts and outlines the implementation of key software tools.

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