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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.
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CFPB Acts to Protect Consumers with Government Benefit Accounts
Recently, the CFPB issued Compliance Bulletin 2022-02 on the Electronic Fund Transfer Act’s Compulsory Use Prohibition and Government Benefit Accounts. -
Interim Final Rule on Prompt Corrective Action Relief Renewed
The NCUA Board approved an interim final rule that would extend certain regulatory requirements currently in effect to help ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic. -
NEW and UPDATED Content in the Investment Channel
A new topic, Subordinated Debt, has been added to the Investment channel in response to the NCUA’s subordinated debt rule which became effective on Jan. 1, 2022. -
FinCEN: Beneficial Ownership Reporting and Next Steps
Recently, FinCEN issued a Statement Regarding Beneficial Ownership Information Reporting and Next Steps, noting that the comment period for the FinCEN Dec. 8, 2021, notice of proposed rulemaking requiring the reporting of beneficial ownership information (BOI) has closed. -
Consumers Getting Runaround from NCRAs
The CFPB has published another blog article in its campaign to make consumers aware of a CFPB report that the nationwide consumer reporting agencies (NCRAs), including the Big Three—Experian, Equifax, and TransUnion—are failing to substantively respond to most consumer complaints filed with the Bureau and harming consumers and businesses in the process. -
FinCEN Program Aids in Recovery of Over $1.1B In Losses
FinCEN announced it has issued a Fact Sheet on its Rapid Response Program (RRP), a collaborative partnership that leverages FinCEN’s relationships with law enforcement, U.S. financial institutions, and foreign financial intelligence units to help victims and their financial institutions recover funds stolen as the result of certain cyber-enabled financial crimes schemes, including business email compromise. -
CFPB Shares Info on Homeowners Assistance Fund
The CFPB has posted a blog article about the Homeowners Assistance Fund, which was established by the American Rescue Plan Act to help homeowners financially impacted by COVID-19 with housing-related costs. -
Nacha Adopts Rule for Micro-Entries
Nacha has adopted a rule, effective in stages on Sept. 16, 2022, and March 17, 2023, designed to standardize the use of micro-entries as tools for account verification. -
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Question of the Week
Question: Can a member file a Regulation E dispute on a closed account?
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