Compliance Watch

On Dec. 29, 2020, the CFPB published in the Federal Register two final rules amending the Ability-to-Repay/Qualified Mortgage Rule (ATR/QM Rule) in Regulation Z.

Join us for the first VIRTUAL Oklahoma Governmental Affairs Conference, on March 9 from 2 to 4 p.m., and get involved in the credit union movement!

Question: Are we required to apply payments in a particular way? Answer: Generally speaking, how payments are applied is a matter of contract.

With a new year comes a lot of new changes, so be sure you check the 2021 Compliance Calendar to ensure you’re in compliance when the dates arrive.

This week, Treasury and the IRS started to send approximately 8 million Economic Impact Payments (EIPs) by prepaid debit card.

The federal government has started disbursing stimulus money, either through direct deposit or by mail. Just like unemployment funds, there is the possibility of fraud occurring.

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) re-opened the week of Jan. 11 for new borrowers and certain existing PPP borrowers.

Any federal credit union with a multiple common bond field of membership may include in its field of membership, without regard to location, underserved communities as defined by the Federal Credit Union Act.

The CFPB opened the filing period for HMDA data collected in 2020 on Jan. 1, 2021.

Does your credit union compliance program fully comply with the Bank Secrecy Act and Office of Foreign Assets Control? If not, it may expose your credit union to unwanted regulatory scrutiny and extensive penalties.