Compliance Watch

Question: Can a power of attorney be signed by a person other than the principal delegating the power? Answer: The answer is yes. A third party can sign in each of the three Cornerstone states.

One of League InfoSight’s initiatives this year is to combine all our products (InfoSight, CU PolicyPro and RecoveryPro) into one platform so all users have one single-sign-on system to access all your most valued resources!

The CFPB published an advisory opinion to affirm that the Equal Credit Opportunity Act (ECOA) bars lenders from discriminating against customers after they have received a loan, not just during the application process.

As announced in a recent FTC press release, a federal court has temporarily halted a bogus credit repair scheme known as The Credit Game for promoting a series of lies and deceptions.

Nacha has announced its Payments Innovation Alliance has created a legal and risk mitigation resource guide for financial institutions seeking to implement voice payments capabilities and applications (skills) through smart devices, such as the Amazon Echo and Google Nest.

The CFPB has a blog article with tips for older adults and their families and friends on how to prevent and report scams which target older adults.

On Thursday, May 19 beginning at 1p.m. Eastern, the National Credit Union Administration will host a webinar for credit unions looking to protect their older members.

Question: How does EFT protection work for business accounts? Do we have to grant them the same protections as Regulation E? Answer: No. Regulation E is a consumer regulation, with a consumer defined as “a natural person” under 12 CFR 1005.2(e).

New RISK Alerts are now available from CUNA Mutual Group and are found on the Resources area (Credentials required for access).

The CFPB has released Spanish translations for certain model and sample forms included in the Prepaid Rule in Regulation E and for certain adverse action model and sample notices included in Regulation B.