Compliance Watch

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.

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.