Compliance Watch

Question: Does the presentation of a new power of attorney automatically revoke all prior powers of attorney?

Disruptions occur almost every day, so it’s important to have solid plans and programs in place for the continuity of the credit union’s business operations.

Federally insured credit unions experienced continued growth in assets, shares and deposits, and loans outstanding over the year ending in the second quarter of 2022, according to the latest NCUA Quarterly U.S. Map Review, released by the National Credit Union Administration.

The Consumer Financial Protection Bureau published a report offering key insights on the Buy Now, Pay Later industry.

Sen. Alex Padilla, D-Calif., introduced the CUNA and league-led Expanding Financial Access for Underserved Communities Act.

Question: Can we lend the par value to a potential member to join the credit union? Answer: No. We cannot provide services to non-members, which would include lending the par value of a share to join a credit union.

That’s right, CU PolicyPro is free (or deeply discounted in some states) for affiliated credit unions.

A new late-night legend has started. But it’s not challenging Colbert, Fallon, Kimmel, or SNL.

The National Credit Union Administration released a new tool to help small credit unions comply with the Financial Accounting Standards Board’s accounting standard on current expected credit loss, or CECL, which goes into effect for most credit unions at the start of 2023.

Even minor inaccuracies on a credit report can lead to a consumer being denied a loan, housing, or a job.