Compliance Watch

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.

The NCUA has joined other agencies in issuing a Joint Statement on the Risk-Based Approach to Assessing Customer Relationships and Conducting Customer Due Diligence.

The Federal Housing Administration has announced new flexibility for lenders when qualifying borrowers who experienced previous employment gaps or loss of income due to the COVID-19 pandemic.

Question: Can a person take out a HELOC for educational purposes? Answer: Yes, but the loan would not be classified as a private education loan requiring additional disclosures.

From our family to yours, we wish a happy, fun-filled, and safe Fourth of July! Please note that the League InfoSight and CU Solutions Group offices will be closed on Monday, July 4, in observance of the holiday.