Compliance Watch
Featured Post
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.
-
Question of the Week
Question: We are looking to open accounts online and wonder if we are required to provide account opening disclosures immediately or if we can send them after the account opens for review later. What is the correct timing? Answer: To cite 12 CFR 707.4: -
From Template to Preparedness
Your members look to you to protect their assets in case an unforeseen disaster occurs, so it’s critical for credit unions to have a blueprint for emergency preparedness. -
CFPB Report on Medical Billing Complaints
The CFPB recently issued a report that examines the financial consequences of medical billing and collections endured by individuals and families across the country. -
U.S. Targets Facilitators of Russian Sanctions Evasion
The Department of Treasury announced that OFAC has designated entities and individuals involved in attempts to evade sanctions imposed by the United States and its international partners on Russia. -
New HUD Guidance on Subsidized Multifamily Housing
The Department of Housing and Urban Development released new guidance to reinforce requirements that HUD-subsidized multifamily housing’s marketing and application processes be designed to be inclusive of persons of all races and national origins. -
Comments Due on PCA Relief Extension, Digital Currencies
Comments on several items of relevance to credit unions are due in the next several weeks. -
CFPB Invokes Authority to Examine Non-Bank Financial Companies
The CFPB announced it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. -
Question of the Week
Question: Our credit union operations are only in Oklahoma, but we have members in many other states. Is it appropriate to escheat all dormant funds to the state of Oklahoma? Answer: No. Funds should be escheated to the state in which the member resides. -
Russian State-Sponsored and Criminal Cyber Threats to Critical Infrastructure
The cybersecurity authorities of the United States, Australia, Canada, New Zealand, and the United Kingdom have released a joint Cybersecurity Advisory (CSA) to warn organizations that Russia’s invasion of Ukraine could expose organizations both within and beyond the region to increased malicious cyber activity from Russian state-sponsored cyber actors or Russian-aligned cybercrime groups. -
Rather get picked last for dodgeball then get audited?
CU PolicyPro has a variety of auditing tools to help you stay on top of changes and ensure your policies are up to date.
Subscribe
Sign up to the receive the weekly Compliance Watch newsletter email. Existing subscribers can manage their subscription.
Compliance Questions?
Cornerstone members have access to a wide variety of compliance assistance.
