Compliance Watch

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.

The Federal Trade Commission recently announced a proposal to extend protections against telemarketing tricks and traps to small businesses and strengthen safeguards against other pernicious telemarketing tactics plaguing consumers.

OFAC has announced it has amended and reissued the Ukraine-Related Sanctions Regulations and renamed them “Ukraine-/Russia-Related Sanctions Regulations.”

The Financial Stability Board recently announced its publication of an interim report, “Supervisory and Regulatory Approaches to Climate-related Risks,” that aims to assist supervisory and regulatory authorities in developing their approaches to monitor, manage, and mitigate cross-sectoral and systemwide risks arising from climate change and to promote consistent approaches across sectors and jurisdictions.

The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the Enterprises.