Compliance Watch

How often should a credit union’s policies be reviewed by the board, and which policies should be reviewed?

As the topic of Fraud continues to evolve, we are pleased to announce the launch of our new Fraud channel in InfoSight.

Were inflationary adjustments recently made to Regulation CC that affect various dollar amount thresholds, and if so, are we required to notify our members?

The second issue of the Consumer Compliance Outlook was published last week and is dedicated entirely to complaint management. This is an important read for credit unions, especially those without a formal process in place to aggregate and analyze complaints.

Our credit union was recently presented with a counterfeit U.S. Passport Card. Is there a resource that outlines the security features of a legitimate U.S. Passport Card?

The NCUA approved another proposed rule on succession planning. They also issued a proposed rule back in February of 2022 to require federal credit unions to establish a process for succession planning for key positions.

Our business account owners are asking questions about their new Beneficial Ownership Information (BOI) reporting requirements. Is there a resource we can direct them to?

The CFPB’s final rule on nonbank covered entities, effective Sept. 16, 2024 requires these entities to report certain information through a CFPB-established registry.

Did the Consumer Financial Protection Bureau (CFPB) extend the Small Business Lending Rule effective dates?

As a reminder, the Department of Labor passed a final rule amending the Fair Labor Standards Act (FLSA) overtime exemption analysis for "white collar" or "EAP" exemptions and the "highly compensated employee" exemption.