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NAFCU Compliance Blog 10/14/2020 06:27
NAFCU receives many questions about advertisements and trigger terms in the context of closed-end mortgage loans. Section 1026.24 of Regulation Z governs the advertising requirements for closed-end mortgage loans. Today’s blog will look at adjustable rate mortgages (ARMs) and a certain additional disclosure that may be triggered depending on the content of an ARM advertisement. Trigger Terms and Additional Disclosures for All Closed-End Credit. Before we focus on ARMs, let’s examine the... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 10/09/2020 06:01
Happy Friday before a three-day weekend! Columbus Day is a controversial holiday and some states celebrate Indigenous Peoples Day instead, while some counties choose to not observe the holiday at all. I personally think the holiday is just an extra day to celebrate my birthday, which is this weekend. Holidays are always tricky because some credit unions may be open, but other financial institutions and government entities may be closed. Different regulations have different definitions for... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 10/07/2020 05:54
Many may recall that the NCUA updated its supervisory priorities in July 2020, as detailed in this past NAFCU Compliance Blog post. But something that was not highlighted in that document that credit unions should be aware of is there is also a new chapter in the online NCUA Examiner’s Guide (guide) that is dedicated to COVID-19. The chapter provides more details on the items highlighted as additional exam priorities as well as a discussion on how NCUA will review credit unions’ operational... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 10/05/2020 05:46
A few months ago, I blogged about the litigation that led NCUA to update its field of membership requirements. Additionally, NAFCU released a Final Regulation alert to summarize the changes that have been made to the rule. Now, NCUA is offering guidance to credit unions looking to take advantage of these amendments. As NCUA announced in Letter to Federal Credit Unions 20-FCU-03, the changes to NCUA’s chartering and field of membership rules go into effect October 14, 2020. “These changes will... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 10/02/2020 06:21
NAFCU’s compliance team gets asked quite frequently about the deposit rules and availability – when is a deposit considered received, can we set a cut-off time for accepting deposits, when do we have to make the funds available, etc. But, did you know there are a similar set of rules for accepting payments on open-end credit accounts? The key rule for accepting payments is found in section 1026.10(a), which states payments must be credited as of the date of receipt.
NAFCU Compliance Blog 09/30/2020 06:11
The members of a credit union’s board of directors are often referred to as volunteers, and for good reason. The FCU Act and NCUA regulations – specifically section 701.33 – prohibit federal credit unions (FCUs) from compensating their directors, which means credit union directors are not paid for the work they do. There is one exception to this prohibition: one director may be compensated if provided for in the credit union’s bylaws. Section 701.33(b)(2) provides some items that are not... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/28/2020 05:50
Last Friday’s blog looked at some of the Regulation E issues that came up in the Consumer Financial Protection Bureau’s (CFPB) Summer 2020 Supervisory Highlights. The Supervisory Highlights document some of the CFPB’s findings “in the areas of consumer reporting, debt collection, deposits, fair lending, and mortgage servicing that were completed between September 2019 and December 2019.” Today’s blog will focus on one of the findings relating to consumer reporting. Permissible Purpose... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/25/2020 06:11
During this past week, there have been days with temperature highs of 65 degrees, which for this island girl has been freezing! Summer is gone, and it is officially fall, or as I prefer to call it, Spooky Season. Time to break out all my pumpkin candles, Halloween decorations, and go buy some scarfs! To help us celebrate the end of summer, the Consumer Financial Protection Bureau (CFPB) released their summer Supervisory Highlights, covering examinations that were completed between September... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/23/2020 06:51
On August 20, 2020 the CFPB announced a settlement with TD Bank regarding allegations its overdraft practices violated Regulation E, and the bank was not properly complying with Regulation V/the Fair Credit Reporting Act. As overdraft programs are a 2020 supervisory priority and a continued source of litigation risk, it is worth reviewing what practices the CFPB took issue with at TD Bank. Overdraft Protection Program. TD Bank had a “standard” overdraft protection program that applied to... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/21/2020 06:37
It’s September 21st, which means tomorrow is officially the first day of Autumn! I personally am looking forward to the colorful foliage, cooler temperatures, and Halloween decorations. Looking back as Summer 2020 draws to a close, one thing in particular jumps out at me: the Consumer Financial Protection Bureau (CFPB) stepped-up its enforcement efforts over the summer. Whereas the bureau had only announced 9 new enforcement actions in the first six months of 2020 (January through June), the... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/18/2020 06:34
With the need for social distancing during the current COVID-19 pandemic, you have probably heard a lot about eClosings and eMortgages. As explained in frequently asked questions (FAQs) prepared by Fannie Mae, “[a]n eClosing is the act of closing a mortgage loan electronically.” The Fannie Mae FAQs describe the term eMortgage to generally refer to an eClosing process that involves the note and mortgage being executed through the use of electronic signatures. The eClosing process could... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/16/2020 06:37
The Fair Housing Act prohibits practices that lead to discriminatory effects, or disparate impacts, not just practices that include overt or intentional discrimination. However, it is not always clear when a practice or policy may lead to a disparate impact in violation of the Fair Housing Act. This is why the Department of Housing and Urban Development (HUD) is issuing a final rule to clarify these standards and align its regulation to Supreme Court rulings. In 2019, HUD issued a proposed rule... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/14/2020 06:08
With mortgage rates at historic lows, many credit unions are seeing an increase in mortgage application volume and credit unions are looking for ways to speed up their processing times. Some credit unions attempt to decrease their mortgage turn times by going digital, as discussed in a blogs regarding online applications and electronic signatures. Other credit unions try to make the process easier by determining which of the many disclosures must be signed, and if those signatures must be... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/04/2020 06:35
A few weeks ago, we blogged about an executive order issued on August 8, 2020 that aimed to provide some relief relative to the ongoing COVID-19 pandemic by deferring certain payroll taxes. The Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster (Memo) in part, directed the Department of Treasury to exercise statutory authority to defer the withholding, deposit and payment of the employee portion of certain taxes, specifically Social Security payroll taxes.... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 09/02/2020 06:30
On August 14th, the California Office of Administrative Law approved the final regulations implementing the California Consumer Protection Act (CCPA) which were submitted by the California Attorney General (AG) on June 1st. This approval made the implementing regulations immediately effective, ending the weird legal limbo that started when the CCPA became enforceable on July 1, 2020, but credit unions still did not have details on how to comply with many of its requirements. The process of... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 08/31/2020 06:14
August has been a busy month for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) guidance from federal regulators. First, FinCEN issued guidance about customer due diligence (CDD) requirements in the form of three additional frequently asked questions (FAQs). The FAQs clarified FinCEN’s expectations about obtaining customer information, developing a customer risk profile and updating customer information due to monitoring of the customer relationship. Then the National Credit Union... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 08/28/2020 06:38
Happy Friday, Compliance Family! Advertisements are everywhere: in our physical mailboxes, our email spam folders, our social media feeds, the apps on our phones, EVERYWHERE. In this age of non-stop marketing and pushes to buy the best or newest products, some of our other priorities can get lost in the shuffle. Let’s take a moment to remember some of our fair lending obligations, which matter even before a credit application is received. To start, here is a refresher on some of the major... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 08/26/2020 06:30
With students going back to school, it’s the perfect time for credit unions to market a bonus promotion to encourage individuals to open new accounts. I remember being in elementary school and asking my mom every fall to open new accounts so we could get a new toaster. For a refresher on what’s considered a bonus, check out our blog Are You Giving Your Members a Bonus? The NCUA has specific advertising requirements credit unions must follow when advertising a bonus, but credit unions must be... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}
NAFCU Compliance Blog 08/24/2020 06:25
The compliance team has heard from several members lately about the rules regarding charged off loans and interest. The questions focus on whether credit unions are permitted to continue charging interest after a loan had been charged off. There are a few different ways to look at this issue, which are covered below. Regulation Z: The Periodic Statement Angle. Regulation Z does not provide a prohibition against charging interest after a loan has been charged off, but it does provide an... {This is a content summary only. Click on the blog title to continue reading this post, browse the website, and more!}

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