Compliance Watch
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Texas Court Invalidates DOL Overtime Exemption Salary Threshold Rule
A federal judge in Texas struck down the DOL's latest attempt to raise the minimum salary thresholds for the FLSA's white-collar overtime exemption, finding that the rule exceeded the agency’s statutory authority. Login Required.
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OKCUA Executive Director Nate Webb to retire June 30
After eight years as the executive director of Oklahoma Credit Union Association and more than two decades in Oklahoma politics, Nate Webb has announced his retirement, effective June 30. -
Would You Rather Eat Your Vegetables Than Try to Sort Through Complex Federal and State Laws and Regulations?
InfoSight provides compliance information written in simple terms that all credit union staff can easily understand. -
OFAC Publishes Russia-Related FAQs
OFAC has published seven new FAQs and updated two previously issued FAQs, all relating to its Russian Harmful Foreign Activities Sanctions. -
FTC Business Blog on Crypto Scam Losses
The Federal Trade Commission has posted an article, "Reported crypto scam losses since 2021 top $1 billion, says FTC Data Spotlight," on his Business Blog. -
Reminder: 2022 CDRLF Grant Round Closes June 24
Low-income credit unions that want to apply for Community Development Revolving Loan Fund grants in 2022 have until June 24 to submit their applications. -
FTC Proposes Changes to Telemarketing Sales Rule
The Federal Trade Commission has published a notice of proposed rulemaking [87 FR 33677] seeking public comment on proposed amendments to the Telemarketing Sales Rule (TSR). -
Protecting Servicemembers from Abuses of the Military Allotment System
For years, the CFPB has warned about companies positioned just outside the gates of military bases that target servicemembers with costly loans and expensive contracts for items like cars, furniture, and electronics. -
See the Full InfoSight Issue
View the full InfoSight issue. -
Question of the Week
Question: Are we required to send a 1099-NEC (non-employee compensation) to a vendor that is a corporation? Answer: No. You are not required to send a 1099-NEC to either a C or S corporation in most circumstances—the exceptions being certain situations that are not typically involved in credit union operations. -
CFPB Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms
The CFPB recently announced its issuance of Consumer Financial Protection Circular 2022-03, "Adverse action notification requirements in connection with credit decisions based on complex algorithms."
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