Compliance Watch

As a result of the California Reinvestment Coalition’s 2019 successful lawsuit, the Consumer Financial Protection Bureau was forced to implement dormant portions of the 2010 Dodd-Frank Act requiring lenders make certain details public about their small lending activity.

The National Credit Union Administration is designating June as Minority Depository Institution Awareness Month to enhance the public’s understanding of the vital work minority depository institution credit unions perform in underserved communities nationwide.

The Consumer Financial Protection Bureau released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions

Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations.

The Consumer Financial Protection Bureau published an issue spotlight on digital payment apps heavily used by consumers and businesses.

It’s no surprise that credit unions are trying to transition to more automated processes and electronic transactions. It saves employee time and saves the credit union money and, on the surface, provides consistent results. So, what could possibly be the issue?

Final edition of this three-part series.

We have a member interested in opening a deposit account, but they are refusing to provide their address saying they participate in an Address Confidentiality Program (ACP). I thought we needed a physical address for Bank Secrecy Act (BSA) Customer Identification (CIP) purposes?

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.