Compliance Watch

A new title has been bestowed on the newest member of the three-member board for the NCUA, who is now “vice chairman,” according to a release from the agency.

A 2021 budget of $341.4 million – with an overhead transfer rate (OTR) of 62.3% -- was approved by the NCUA Board on a split vote of 2-1 at its meeting in December, with barely two weeks to go until that budget takes effect for the new year.

Question: If we have a potential member that is a business organization with another business as an owner, such as an LLC owning part of an LLC, on whom do we collect beneficial ownership information?

The Ability to Repay topic in the Loans channel has been updated to reflect the recent changes to general qualified mortgage and the new seasoned qualified mortgage. These changes become effective March 1, 2021.

In early 2020, there was a massive computer system breach across the United States. This is to confirm that neither League InfoSight nor its third-party technology partner, CU Solutions Group, uses SolarWinds as a vendor/software service/solution in any of our platforms, and therefore we are not vulnerable to that breach.

The NCUA and the CFPB will attempt to coordinate their interpretations of regulatory compliance and proposed remedies for violation of rules at credit unions with assets of more than $10 billion, according to a just-released Memorandum of Understanding signed by officials at the two agencies.

The CFOB has announced a proposed settlement to resolve its Dec. 4, 2020, lawsuit against LendUp Loans, LLC (LendUp) alleging violations of the Military Lending Act (MLA).

The SBA has reported it has approved approximately 60,000 Paycheck Protection Program loan applications submitted by nearly 3,000 lenders for over $5 billion, between the program’s re-opening on Monday, Jan. 11, through Sunday, Jan. 17.

The CFPB has issued a final rule amending section 1026.35 of Regulation Z to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

The U.S. Treasury Department has issued a fact sheet announcing it will work to help households that have not been able to access their stimulus payments get much-needed relief.