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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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. -
Question of the Week
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.” -
Texas Credit Union Commission Rules Meeting and Commission Meeting
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. -
Summaries of Important Legislation from the Texas 87th Regular Session (Part 2)
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. -
Sometimes It's a Struggle to be Small
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.
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