Compliance Watch

The FFIEC has announced it has issued a Statement of Principles on Examination Information Requests.

This is a follow-up to a webinar presented in February 2021. The video recording of last year’s webinar is available on demand, and this webinar will provide new information.

CISA and its partners, through the Joint Cyber Defense Collaborative, are responding to active, widespread exploitation of a critical remote code execution (RCE) vulnerability (CVE-2021-44228) in Apache’s Log4j software library, versions 2.0-beta9 to 2.14.1, known as “Log4Shell.”

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.