Compliance Watch

The CFPB recently announced it has filed a lawsuit in a Texas federal district court against FirstCash, Inc. and Cash America West, Inc.

The CFPB would like to remind institutions that the threshold for reporting HMDA data about open-end lines of credit will adjust to 200 open-end lines of credit, effective Jan. 1, 2022.

Question: Must a loan application fee be included in the APR calculation as a finance charge? Answer: Yes, if you only charge it to members that successfully apply for credit. You may exclude it if you charge it to any applicant regardless of credit approval.

The good news is that bankruptcies have diminished during the pandemic by virtue of “enhanced” unemployment benefits and moratoria on foreclosures and evictions.

The CU PolicyPro system includes an assignment feature which sends email notifications right to your staff’s inbox to alert them of new, upcoming, and overdue policy reviews.

We are working on both a policy for CU PolicyPro as well as InfoSight content regarding the OSHA COVID-19 Emergency Temporary Standard (ETS) announced recently.

FinCEN has announced its release of an updated advisory, FIN-2021-A004, "Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments."

The CFPB has issued an advisory opinion affirming that consumer reporting companies, including tenant and employment screening companies, are violating the law if they engage in shoddy name-matching procedures.

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020.

Do you serve or work with people who have lost their housing because of factors related to COVID-19? Whether through foreclosure or eviction, many people are finding themselves without a home.