Compliance Watch

Cornerstone League, Oklahoma Credit Union Association, and Texas Credit Union Association are pleased to present the 2021 Legislative Summaries for this year’s state sessions.

Dallas County Judge Clay Jenkins issued an emergency mask order today following a judge's ruling that local leaders could require masks as a measure to curb the spread of COVID-19.

Question: We have a member that has requested us to wire funds in a way that we find suspicious. Do we have to send the wire? Answer: No. If a member is asking you to conduct a transaction that you feel is a violation of your member agreement or would be a violation of state/federal law or does not seem to have a lawful purpose, you may refuse to send that wire.

Don’t let business continuity planning scare you! RecoveryPro provides an organized approach to developing your business continuity plan.

In its recent letter to credit unions, #21-CU-07 and corresponding FAQ, NCUA offers guidance related to the capitalization of unpaid interest in connection with loan workouts or modifications.

The Federal Financial Institutions Examination Council, on behalf of its members, recently issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.

The CFPB has posted an article on its Blog regarding higher education grants for college students impacted by the COVID-19 pandemic.

The Consumer Financial Protection Bureau released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower protections.

The CFPB has posted an updated version of its Mortgage Servicing Small Entity Compliance Guide. The Aug. 4, 2021, version of the guide incorporates references to the most recent Mortgage Servicing Rules.

Cornerstone League is pleased to present the 2021 Texas Legislative Summary, which highlights the major bills of the 87th Texas Legislature that will affect your credit union.