Compliance Watch

As previously reported, the CFPB indicated in a July 29 court filing that it planned to engage in an “accelerated rulemaking process” to rewrite its personal financial data rights rule finalized in October 2024. That process has now begun.

Our credit union has a former member who closed their relationship with us and moved away. They reached out today to ask if they could apply for a loan. They have no relatives or other ways to qualify for the Field of Membership (FOM). Is it true, “once a member, always a member,” or do they have to qualify on the situation today?

Regarding share insurance, specifically when it comes to a trust—is the share insurance protection based on how many named trustees, how many named beneficiaries, or both?

The board of directors, in exercising general oversight of the credit union, should enact policies that guide the institution’s day-to-day operations. Some policies are specifically required by the Federal Credit Union Act or the NCUA’s regulations.

On Aug. 2, the Senate passed HR 2808, the Homebuyers Privacy Protection Act. The requirements of the act will significantly curtail the consumer offensive practice of mortgage trigger leads.

When it comes to error resolution, is there a difference between Reg E (EFT) and Reg Z (TIL)?

In October 2024, the Consumer Financial Protection Bureau (CFPB) issued its open banking rule as required by Section 1033 of the Dodd-Frank Act.

Internal fraud is a serious and often overlooked risk for credit unions. Our new LMS course explores key red flags, prevention and detection methods, and practical strategies to strengthen internal controls and reduce insider threats.

Do you have any resources to assist a credit union with organizing documents during a NCUA examination?

For an IRS levy, what action should the credit union take if the account name(s) or taxpayer identification number(s) on their records do not match those identified on a levy?