Compliance Watch

The Consumer Financial Protection Bureau has posted an article on its blog announcing an updated 2021 list of consumer reporting companies.

As our members shift to more remote solutions, providing apps that allow our members to exercise financial choices is quickly becoming the prevailing way we do business.

Well-capitalized, federally insured credit unions could count subordinated debt as capital for risk-based net worth purposes under a new rule approved by the NCUA Board at its meeting in December.

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).