Compliance Watch

The CFPB released its Fair Lending Annual Report to Congress, describing its fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022.

In a recent article we looked back on the last 20 years. Now we turn our attention to the future and what the compliance landscape may look like in 10 years.

The Q2 Compliance Update video is now available on InfoSight. Michael Christians provides details about the CFPB circular on Reopening Deposit Accounts, Fraud Prevention and Detection, Proposed Guidance from Joint Agencies on ROVs (reconsideration of value), and the Proposed Rule on AVM Quality Control Standards.

Can we require our employees to direct-deposit their paychecks at our credit union?

Working in cooperation with the USAID/WOCCU Credit for the Agriculture Producers (CAP) Project, WFCU launched its Resilience Initiative, aimed at assisting vulnerable populations and boosting sustainable development in Ukraine, after signing agreements with two United (Central) Credit Unions (UCUs) in Ukraine.

The National Credit Union Administration has released the June 2023 update of its Simplified CECL Tool.

The Consumer Financial Protection Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for individuals and communities.

The NCUA Board unanimously approved proposed changes to the interpretive ruling and policy statement on the agency’s Minority Depository Institution Preservation Program.

With the end of the national emergency, the NCUA reviewed all COVID-related supervisory guidance and identified what is no longer applicable or necessary.

The NCUA and CFPB have both been providing resources to consumers about establishing “trusted contacts” and encouraging outreach to their financial institution to help prevent fraud.