Compliance Watch

The Consumer Financial Protection Bureau announced it has issued an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law.

Question: What is the maximum term for a mortgage for a federal credit union? Answer: 40 years, per 12 CFR 701.21...

The majority of our product enhancements are based on client feedback, and there is still time to give us your opinion.

As an example of how your suggestions help improve our products, we are happy to announce that a new topic, U.S. Savings Bonds, has been added to the Accounts Channel in InfoSight.

Five federal agencies, including the Federal Reserve Board, Farm Credit Administration, FDIC, NCUA, and OCC, recently announced jointly issued Questions and Answers (Q&As) regarding flood insurance on federal flood insurance law and the agencies’ implementing regulations.

The Treasury Department issued the 2022 National Strategy for Combatting Terrorist and Other Illicit Financing (2022 Strategy), which identifies measures to increase transparency in the U.S. financial system and strengthen the U.S. anti-money laundering/counter the financing of terrorism (AML/CFT) framework.

The Department of Veterans Affairs has published a final rule [87 FR 29671] amending its regulations that govern fiduciary activities.

CFPB Director Rohit Chopra posted a CFPB Blog article to announce a new system for promoting consistent enforcement of consumer financial protections.

The Federal Reserve Board has published final rules in a recent Federal Register amending Regulation A (Extensions of Credit by Federal Reserve Banks) and Regulation D (Reserve Requirements of Depository Institutions) to increase certain interest rates.

The Oklahoma State Credit Union Board Meeting scheduled for May 17, 2022 has been canceled.