Compliance Blog

By: Kari Osier, Compliance Specialist Recently, the CFPB unveiled the Federal Financial Institutions Examinations Council’s (FFIEC) Quarterly Graphs tool, which permits users to better understand HMDA mortgage loan data and follow mortgage market trends throughout the collection year. According to the CFPB, the new tool integrates currently available quarterly data submitted by financial institutions who report a combined total ...

By: Shannon Basile, Director of Compliance I recently addressed a question about a credit union’s responsibility when working with a member who is participating in the Illinois Address Confidentiality Program (ACP). Specifically, how the program impacts the credit union’s ability to comply with member identification due diligence requirements under the Bank Secrecy Act (BSA). To begin, it is important to ...

By: Kari Osier, Compliance Specialist Recently the CFPB published additional Frequently Asked Questions (FAQs) to Regulation F, the Debt Collection rule, amended late last year. The FAQs address the following questions relating to third-party communications, electronic communications, and unusual or inconvenient time and place provisions in the rule. Prohibitions on Third-Party Communications: What is the Debt Collection Rule’s general prohibition on third-party ...

By: Shannon Basile, Director of Compliance Credit unions deal with power of attorney (POA) documents on a regular basis but at times struggle with determining whether or not the document being presented complies with the law. The typical types of power of attorney documents received by credit unions are both statutory, meaning the form provided in Section 3-3 of ...

By: Kari Osier, Compliance Specialist The CFPB will be hosting a virtual and in-person session to begin discussing the technical implementation that will be needed to prepare for its upcoming Small Business Lending Data Collection rulemaking. The virtual session is scheduled for August 19, 2022 from 12:00-3:00 p.m. CST, and the in-person event is scheduled for September ...

By: Robin Hollis, Community Development Officer From the very beginning our industry served the underserved. In fact, the first credit union in the United States (St. Mary’s Credit Union) was formed to help immigrant factory workers struggling to meet basic needs, like purchase coal to heat their homes during the winter months. The faith-based community of St. Mary’s ...

By: Joni Senkpeil, SVP, Member Solutions Are you unsure where to start with regulatory training requirements? Click here for a reference guide to quickly verify which tasks require training and how often. ICUL offers several training options: LIVE Regional Director-led training on a variety of topics FREE On Demand programming on certain topics Webinar based training through our partner, Credit Union Webinar Network Ready to learn more? Email ...

By: Nick Mager, Regional Director One of the best things about the credit union movement is our cooperative nature. We take “People Helping People” to the next level by helping each other out, not just our members. If you haven’t heard about or attended an Illinois Credit Union League peer networking group, I would highly suggest it. ...

By: Kari Osier, Compliance Specialist Technically titled the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, the S.A.F.E. Act was created to establish minimum standards for licensing and regulation of mortgage loan originators (MLOs) to enhance consumer protection and reduce fraud. What are the registration requirements?Individual residential MLOs employed by agency-regulated institutions, which includes credit unions, ...

By: Shannon Basile, Director of Compliance On June 22, 2022 the Financial Crimes Enforcement Network (FinCEN) released guidance on how to apply customer due diligence rules to independent ATM owners or operators.  The purpose of this guidance is to ensure independent ATM owners or operators, who provide critical financial services to persons in underserved areas, have ...