Compliance Watch

Effective immediately, Texas Credit Union Department is discontinuing sending individual amendment pages for hard-copy versions of the Texas Finance Code (TFC) or the Credit Union-related Rules found in the Texas Administrative Code (TAC).

On Dec. 17, the Finance Commission adopted rule amendments in 7 Texas Administrative Code Chapter 153, relating to home equity lending.

Due to the recent amendments approved by the Commission relating to Texas Administrative Code Section 91.301, the Application to Amend Bylaws Community of Interest Geographic and other forms have been updated.

Question: We would like to amend our closed-end loans to increase our late fees on all our loans. What kind of form do we use and where in Regulation Z can we find rules on how to do that? Answer: There aren’t any forms or rules because it isn’t permitted.

Did you know that RISK Alerts from CUNA Mutual Group are available on InfoSight? RISK Alerts are a great way to stay on top of emerging risks within our changing industry.

The Supreme Court blocked the Vaccination and Testing Emergency Temporary Standards for large businesses (over 100 employees).

The CFPB has posted a Bureau Blog article called “It's illegal to penalize borrowers for being religious” concerning recent findings that some lenders had violated fair lending law by inquiring about small business applicants' religious affiliation and by considering an applicant's affiliation in the credit decision.

The National Credit Union Administration has issued a Letter to Credit Unions (22-CU-02) regarding their 2022 supervisory priorities and other aspects of the agency’s examination program for 2022.

Recently, the CFPB issued Bulletin 2022-01, "Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act," to remind debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills.

On Tuesday, the FDIC and FinCEN jointly announced a Tech Sprint to develop solutions for financial institutions and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person.