Compliance
CFPB Proposes Business Loan Data Collection Rule
Under the proposal, lenders would be required to report extended demographic information and other details about small business credit applicants.
Category: Compliance
Compliance
Fannie Mae and Freddie Mac Update Uniform Legal Instruments
Use of the new instruments will be required for loans with note dates on or after Jan. 1, 2023.
Compliance
NCUA Announces New Streamlined CDFI Applications Open Sept. 12
Low-income-designated credit unions must register in the NCUA’s CyberGrants system and complete an online participation form.
Compliance
FFIEC Issues Guidance on Authentication & Access to Financial Institutions Services and Systems
The Aug. 11 document replaces previous guidance from 2005 and 2011.
Compliance
NCUA Proposes Complex Credit Union Leverage Ratio
Under the rule, a complex credit union that maintains a minimum net worth ratio and meets other criteria is eligible for the CCULR.
Compliance
CFPB Issues Interpretive Rule on Juneteenth 2021
The rule explains timing requirements in light of recent legislation designating Juneteenth as a federal legal public holiday.
Compliance
U.S. Treasury Inquires About Missing EIP Payments
A credit union’s response to an inquiry will depend on specific information related to the economic impact payment received.
Compliance
Federal Reserve Board Releases SCALE CECL Tool
Credit unions can view a recording of the recent “Ask the Fed” webinar discussing the SCALE method.
Compliance
FinCEN Issues First National AML/CFT Priorities
The priorities address corruption, cybercrime, foreign and domestic terrorist financing, fraud, and more.
Compliance
Regulatory Pressure Builds Around Climate Change Risk
A recent alert from the Washington State DFI urges financial institutions to address the risks and opportunities climate change brings.
Compliance
Idaho Department of Finance Shares Checklist to Aid in Preparation of FOM Expansion
The resource, meant for informational purposes only, is available on the department’s website.
Compliance
FRB Extends Comment Period on Proposed Regulation II Changes
The new due date is Aug. 11.
Compliance
Regulators Release Updated Rulemaking Agendas
Pending CFPB, NCUA, and FinCEN rules may have implications for credit unions.
Compliance
NCUA Seeks Comments on Share Insurance Fund’s Normal Operating Level
Credit unions are also encouraged to note any other relevant information they believe the NCUA Board should consider.
Compliance
White House Urges Businesses to Protect Against the Threat of Ransomware
Credit unions can take six steps now to drive down their risk of being victimized.
Compliance
Scammers Posing as Credit Union Employees Are Using Spoofed Caller-ID Numbers
Credit unions may wish to issue scam alerts to help their members recognize fraudulent calls and avoid being victimized.
Compliance
NCUA Provides Guidance on LIBOR Transition Plans
The recent supervisory letter outlines potential LIBOR exposure areas that examiners should review for material risk.
Compliance
FRB Clarifies Regulation II Regarding Card-Not-Present Debit Transactions
The changes relate to the growth in online commerce, which has increased the volume of these types of transactions.