Compliance Watch

On July 10, 2024, the Consumer Financial Protection Bureau issued a proposed rule that would make several changes to the mortgage servicing requirements found in Regulation X specific to borrowers experiencing payment difficulties.

Our credit union received a $50 bill that we believe may be counterfeit. What should we do?

Review some league/association-owned resources that we believe are helpful for smaller credit unions to consider.

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?