Compliance Watch

CUNA wrote in support of a bill to modernize federal credit union board meeting requirements prior to its markup by the House Financial Services Committee.

The Consumer Financial Protection Bureau penalized Hyundai Capital America for repeatedly providing inaccurate information to nationwide credit reporting companies and failing to take proper measures to address inaccurate information once it was identified between 2016 and 2020.

Question: We have a member that says his divorce decree stipulated that a check for their tax refund is supposed to belong entirely to him. He can only endorse for himself, but can we accept for deposit with his signature and the divorce decree? Answer: No. Check law does not speak to situations such as this.

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.