Compliance Watch

Credit unions can get valuable information on a range of fair lending and consumer compliance topics during an upcoming webinar hosted by the National Credit Union Administration on Wednesday, Dec. 1.

Question: How many reasons can we provide on an adverse action notice if a member is refused credit? Answer: Per Reg B, there is no mandated limit, but more than four reasons are unlikely to be helpful to the member. The specific reasons for the denial should be listed.

Compliance impacts everyone at the credit union, including human resources, accounting, lending, and more.

The CFPB has issued a new guide to help family members and friends of people living in nursing homes and assisted-living communities learn how to prevent and report elder financial abuse.

CFPB Director Rohit Chopra released a statement regarding the Report on Stablecoins issued by the President’s Working Group on Financial Markets, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation.

The Internal Revenue Service has announced it recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020.

The CFPB has released several guidance documents to assist industry with providing the validation information in preparation for the Debt Collection Rule’s upcoming effective date.

Credit unions eligible to apply for the National Credit Union Administration’s minority depository institutions mentoring grants now have until Nov. 14 to submit their applications through the agency’s CyberGrants portal.

With the passage of HB 2548 in the 2021 Legislative session, persons presented with a power of attorney (POA) will be required to accept them for use unless Oklahoma law provides grounds for refusal.

Question: How long do we keep chat logs with our members? Answer: For the same length of time as you would keep a written record of the same retention category.