Compliance Watch
Featured Post
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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Question of the Week
Question: If we raise a member’s interest rate on a credit card, can we choose to reevaluate that rate on an annual rather than semi-annual basis? Answer: No. If the increase was due to the changed credit risk of the member, market conditions, or other factors, you are required to review every six months to see if a member qualifies for a reduction. -
Oklahoma State Credit Union Board Calls Special Meeting
The Oklahoma State Credit Union Board will conduct a Special Meeting on March 2, 2021, at 10 a.m. in the Oklahoma State Banking Department Conference Room at 2900 N. Lincoln Boulevard in Oklahoma City. -
InfoSight FAQs
InfoSight is a FREE resource included with your Cornerstone League membership. Login today to take advantage of this fantastic resource! If you’re new to InfoSight, here are some frequently asked questions that can help you get started. -
HMDA Data Must Be Submitted by March 1
NCUA’s latest Regulatory Alert (21-RA-03) notes that credit unions subject to Home Mortgage Disclosure Act... -
CFPB Issues Rule on HPML Escrow Exemption
The CFPB has issued a final rule, effective Feb. 17, 2021, amending section 1026.35 of Regulation Z to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). -
Fed Extends PPP Exception Under Reg O
The Federal Reserve Board has announced the second extension of a rule to bolster the effectiveness of the SBA's Paycheck Protection Program. -
Another PPP Procedural Notice from SBA
The Small Business Administration has issued Procedural Notice 5000-20092, "Revised SBA Paycheck Protection Platform Procedures for Addressing Hold Codes on First Draw PPP Loans and Compliance Check Error Messages on First Draw PPP Loans and Second Draw PPP Loans." -
SBA PPP Progress Report
The SBA recently reported it had reached a major milestone with its latest round of approval of $103B of Paycheck Protection Program funds to more than 1.4 million small businesses. -
Enterprises Extend Loan Origination Flexibilities
The Federal Housing Finance Agency announced recently that Fannie Mae and Freddie Mac will extend several loan origination flexibilities another month, through March 31, 2021. -
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