Compliance Watch

On June 8, the NCUA will host “Discovering MDIs: The Key to Building a Strong and Inclusive Financial System,” to discuss how MDI credit unions focus on helping underserved minority communities find affordable financial services and promote greater financial security.

The Consumer Financial Protection Bureau has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period” and for deceiving borrowers about needing to purchase add-on products to receive a loan.

Board Member Rodney E. Hood spoke at the Women in Housing and Finance Symposium in Washington, D.C., on May 25, 2023.

Older adults, most of whom have health insurance coverage, are among the millions of Americans who experience problems with reporting and collection of inaccurate medical bills.

Effective marketing is critical to any credit union’s success. From website and home banking content to social media posts, email marketing, lobby boards, and statement stuffers, the marketing team is responsible for reaching existing and potential members through engaging information about the credit union’s products and services. The team also ensures that marketing messages are compliant with federal and state advertising laws and regulations.

Myth #3: Compliance management is only necessary to avoid penalties and lawsuits. Myth #4: Compliance is a one-time event.

A member recently closed their account. The credit union has since received a deposit. Can the credit union re-open the account and accept the deposit to apply toward an amount the member still owes the credit union?

With Memorial Day quickly approaching, DCUC recognizes the importance of this historic holiday and urges others to reflect on its true meaning during the upcoming extended weekend.

Q4 2022 data suggest over $5.5 billion reduction on annual basis going forward; fees still totaled $7.7 billion in 2022.

The National Credit Union Administration Board held its fifth open meeting of 2023 and approved a proposed rule that would amend the charitable donation accounts section of the NCUA’s incidental powers regulation.