Compliance Watch

NCUA issued two regulatory alerts on credit union requirements for submission of Home Mortgage Disclosure Act (HMDA) data.

The CFPB has posted Reportable HMDA Data: A Regulatory and Reporting Overview Reference Chart for HMDA Data Collected in 2022, a 38-page reference chart covering each of the data points required to be collected, recorded, and reported under Regulation C.

The SBA has issued Procedural Notice 5000-827666 to announce a new process to allow Paycheck Protection Program borrowers to request an SBA loan review of partial approval forgiveness decisions issued by their PPP lenders.

The U.S. Department of Homeland Security has announced the establishment of the Cyber Safety Review Board (CSRB), as directed in President Biden’s Executive Order 14028 on Improving the Nation’s Cybersecurity.

FinCEN has announced that it will extend the comment period of its Real Estate Advance Notice of Proposed Rulemaking (ANPR).

Cornerstone League’s Information Central has received recent inquiries regarding the Employee Retention Credit (ERC) and whether credit unions are able to obtain this credit. We thought it would be helpful to clarify some recent changes regarding this issue.

Question: We have a member that provided their debit card to another person to make a purchase (including the pin number), but that person went on to make additional purchases before the member could notify the credit union. Do we have to reimburse the member for those transactions? Answer: Generally, no.

As credit unions continue to grow and open branches with members in different states, it’s important to have a tool that provides summaries of state laws that impact credit unions.

A new topic, Individual Taxpayer Identification Number (ITIN), has been added under the Tax Issues channel.

Recently the Cybersecurity and Infrastructure Agency (CISA) issued an alert to urge organizations to implement immediate cybersecurity measures to protect against potential threats.