Compliance Watch

The Texas Credit Union Commission (Commission) will review and consider for re-adoption, revision, or repeal, Chapter 91, Subchapter E, concerning direction of affairs, consisting of §§91.501, (Director Eligibility and Disqualification), 91.502 (Director/Committee Member Fees, Insurance, Reimbursable Expenses, and Other Authorized Expenditures), 91.503 (Change in Credit Union President), 91.510 (Bond and Insurance Requirements), 91.515 (Financial Reporting), and 91.516 (Audits and Verifications).

Consumers and financial institutions are immensely curious about cryptocurrency and blockchain. And it’s no wonder—the topic is complex and often confusing, and few understand it fully.

No buts about it, CU PolicyPro is a perfect 10. The recent technical enhancements to CU PolicyPro now support procedures.

On June 22, the Consumer Financial Protection Bureau issued an Advance Notice of Proposed Rulemaking requesting information regarding credit card late fees and late payments and card issuers' revenue and expenses.

The House recently passed the FY23 National Defense Authorization Act with several CUNA-supported provisions.

The Federal Trade Commission testified before the House Committee on Oversight and Reform Subcommittee on National Security about the aggressive action the agency is taking to crack down on fraud and related threats against servicemembers and the broader military community.

Question: If one of our members included our loan in a Chapter 13 bankruptcy and we later learn the case has been dismissed, can we collect again? Answer: Maybe? Chapter 13 bankruptcy plans often fail because members are unable to complete their repayment plans for the term of the repayment. In the event that this occurs, the member or another party may ask the court to dismiss the bankruptcy case, which nullifies the filing.

RecoveryPro provides the blueprint for your credit union’s emergency preparedness, ensuring effective incident response and recovery from an unexpected event.

We are excited to announce two new compliance videos in InfoSight.

The CFPB recently announced its issuance of a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act.