Compliance Watch

Since 2021, the CFPB has been reviewing a number of its rules and guidance documents, including those published by predecessor agencies like the Federal Reserve Board of Governors and the Federal Trade Commission.

As we reported a few weeks ago, the CFPB recently issued the final Small Business Lending Rule. The effective date for this rule depends on the amount of covered (small business) originations conducted by the credit union.

Once upon a time, there were two credit unions, ABC Credit Union and XYZ Credit Union. Both credit unions were of similar size and had compliance departments committed to ensuring that they were adhering to all relevant laws and regulations.

The Consumer Financial Protection Bureau issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it.

NACHA is requesting industry comments on nine proposals to amend the NACHA rules.

In the latest video segment, Michael Christians takes an in-depth look at the CFPB’s Junk Fees Special Edition Supervisory Highlight, the CFPB’s Final Rule on Small Business Lending Data Collection, and the CFPB’s Policy Statement on Abusive Acts and Practices.

Over the past two decades, League InfoSight has become a trusted resource for credit unions seeking guidance on regulatory compliance, operational issues, and industry best practices. Within that time, the number and complexity of laws and regulations has increased dramatically, and our products and content have been developed to keep pace with credit unions’ changing needs.

I heard May is Older Americans Month. Our credit union would like to raise awareness of financial crimes perpetrated against older Americans and implement best practices to reduce the potential for financial crimes against our members. Where can I learn more about this topic?

The National Credit Union Administration Board held its fourth open meeting of 2023 and approved a request for information on climate-related financial risk.

The Consumer Financial Protection Bureau proposed a rule to implement a congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans.