Compliance Watch

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.

On Jan. 13, the U.S. Supreme Court blocked the federal emergency rule issued by OSHA that would have required large employers to ensure their employees are either vaccinated against COVID-19 or test weekly.

Question: Can we reuse a credit report we’ve pulled previously for a member? Answer: No. When you request a credit report, you can only request it for certain reasons. In credit union world, that reason is either through express consent or implied consent in connection with a business transaction initiated by the consumer.

Are your advocacy skills up to par? Do you want to advance in government relations? Do your legislative coordinators need to sharpen their skills?

Oklahoma’s premier advocacy event of the year is the 2022 Oklahoma Governmental Affairs Conference, which takes place April 12–13 at Credit Union House in Oklahoma City.

The Model policies in CU PolicyPro are reviewed at least quarterly and updated as necessary to keep current with changing laws and regulations.