Compliance Watch

The Consumer Financial Protection Bureau ordered Bank of America to pay more than $100 million to customers for systematically double-dipping on fees imposed on customers with insufficient funds in their account, withholding reward bonuses explicitly promised to credit card customers, and misappropriating sensitive personal information to open accounts without customer knowledge or authorization.

The National Credit Union Administration released its annual Cybersecurity and Credit Union System Resilience Report to the Committee on Financial Services of the House of Representatives and to the Committee on Banking, Housing, and Urban Affairs of the Senate on Cybersecurity and Credit Union System Resilience.

Federal financial institution regulatory agencies today jointly issued a final policy statement on commercial real estate loan accommodations and workouts.

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.