Compliance Watch

We are happy to announce that a new topic to assist credit unions, Safe Deposit Boxes, has been added to the Accounts Channel in InfoSight.

The CFPB has issued a Final Rule amending Regulation V, which implements the Fair Credit Reporting Act, to address recent legislation that assists consumers who are victims of trafficking.

Scammers are using the names of well-known employers to post job openings that don’t exist. The purpose is to trick consumers into sending them personal information or money up front to get the job.

The CFPB announced that it is taking the first step toward addressing credit card company penalty policies costing consumers $12 billion each year, starting by looking at excessive late fees.

The Consumer Financial Protection Bureau is working to identify and address the financial needs of immigrants and their families.

The Cornerstone League and Heartland Credit Union Association are exploring the possibility of a merger. Both league boards approved moving forward with the due diligence process, and a letter of intent has been signed by both organizations.

Question: How are soft credit pulls supposed to work? Answer: A “soft pull” or pre-screening request is when a creditor wishes to know if a certain category of consumers may meet the requirements for a certain credit product.

With CU PolicyPro, credit unions have a comprehensive suite of features to create, maintain, and distribute policies.

FRBservices has reported U.S. consumers are seeking faster payments in more areas of their increasingly on-demand lives, with four out of five saying they are interested in faster options to pay businesses, according to a survey released recently by the Federal Reserve Banks.

The CFPB is seeking to move away from highly complicated rules that have long been a staple of consumer financial regulation and toward simpler and clearer rules, said CFPB Director Rohit Chopra in a recent Bureau Blog article.