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As an industry, financially protecting military members is OUR duty and should be a top priority throughout the year. We can do that by making sure credit union staff are versed and trained in the Military Lending Act and Servicemembers Civil Relief Act.
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Myth #1: Compliance management is all about regulatory compliance. Myth #2: Compliance management only involves the compliance department
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Since a Payable on Death account is considered an informal revocable trust for National Credit Union Share Insurance Fund purposes, must each account owner be a member in their own right for their respective interest in the funds to be insured up to $250,000 for each beneficiary?
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The Consumer Financial Protection Bureau issued a 135-page Small Entity Compliance Guide for the Small Business Lending Rule...
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The NCUA is seeking public input on current and future climate and natural disaster risks to federally insured credit unions, related entities, their members, and the National Credit Union Share Insurance Fund.
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NCUA Chairman Harper testified before the House Committee on Financial Services.
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Since 2021, the CFPB has been reviewing a number of its rules and guidance documents, including those published by predecessor agencies like the Federal Reserve Board of Governors and the Federal Trade Commission.
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As we reported a few weeks ago, the CFPB recently issued the final Small Business Lending Rule. The effective date for this rule depends on the amount of covered (small business) originations conducted by the credit union.
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Once upon a time, there were two credit unions, ABC Credit Union and XYZ Credit Union. Both credit unions were of similar size and had compliance departments committed to ensuring that they were adhering to all relevant laws and regulations.
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The Consumer Financial Protection Bureau issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it.