Compliance Watch

Question: Is there a list of specific reasons that we are required to use when disclosing those reasons on an adverse action notice under Regulation B? Answer: No, not a specific list.

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Recently, the U.S. Court of Appeals for the Fifth Circuit held oral argument in the appeal filed by industry trade groups challenging the payment provisions of the CFPB’s 2017 Payday Lending Rule.

On Wednesday, the National Credit Union Administration disseminated a letter clarifying certain expectations for credit unions contemplating the use of new or emerging distributed ledger technologies (DLT).

National Credit Union Administration Chairman Todd M. Harper issued the following statement after the approval of H.R. 7022, the Strengthening Cybersecurity for the Financial Sector Act of 2022, and H.R. 7003, the Expanding Financial Access for Underserved Communities Act, by the U.S. House Committee on Financial Services recently.

Question: Did the Department of Justice ever issue ADA website accessibility regulations? Answer: In a word, no.

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.