Compliance Blog

By: Kari Osier, Compliance Specialist Lately I’ve been working on refreshing my memory on the TRID Rule. One question that has come up occasionally is whether or not the Loan Estimate or Closing Disclosure must be signed by the consumer once it has been received. Normally this would require reading the regulation and commentary but the ...

By: Shannon Basile, Director of Compliance In recent weeks, I’ve received some questions about how to respond to a judgment or subpoena issued in another state.  This issue was highlighted in a recent Consumer Financial Protection Bureau (CFPB) enforcement action against Bank of America (BOA), regarding the bank’s process for handling foreign garnishments. The CFPB consent ...

Illinois Secure Choice: Expanding Retirement Savings Access for Illinois Workers – Additional Compliance Responsibility for Smaller Credit Unions Launched in 2018, Illinois Secure Choice is a retirement savings program that makes it easy for employees to save at work. In 2021, the State Treasurer initiated legislation to expand the scope of the program to apply to smaller ...

By: Kari Osier, Compliance Specialist Since the California Consumer Privacy Act (CCPA) was passed into law, four other states have passed comprehensive data privacy laws. Virginia Consumer Data Protection ActThe Virginia law contains many elements of California’s CCPA and Europe’s data privacy law (GDPR), and will go into effect on January 1, 2023. The CDPA includes language to ...

By: Shannon Basile, Director of Compliance The Social Security Administration (SSA) created the Representative Payment Program to provide benefit payment management for beneficiaries who are not capable of managing their own Supplemental Security Income (SSI) payments.  Typically, the SSA will look for family or friends to serve as the beneficiary’s payee.  If no family or friends ...

By: Patrick Smith, SVP, Regulatory Affairs I have been receiving a number of calls from credit unions regarding the challenges in the current auto lending environment.  For Illinois state-chartered credit unions, the problem is amplified given the somewhat restrictive and rigid consumer lending limit authority set forth in Section 190.160 of the Illinois Department of Financial and Professional ...

By: Ashley Sharp, VP, State Advocacy and Legislative Counsel In recent weeks, discussion has ensued at the federal level with regard to regulation of interchange fees charged to merchants in connection with card network agreements. In particular, Visa and Mastercard faced harsh criticism at a hearing of the Senate Judiciary Committee last week regarding increased “swipe ...

By: Shannon Basile, Director of Compliance During the April meeting of the NCUA Board, NCUA staff provided a cybersecurity update.  The topics discussed were current threats, NCUA’s Information Security Examination (ISE) and cybersecurity assessment program, cybersecurity resources, guidance and risk alerts, best practices, and industry outreach.  The ISE program is still in a test phase but it is designed ...

By: Kari Osier, Compliance Specialist On March 15, 2022, President Biden signed into law the Consolidated Appropriations Act, 2022, a government spending package which includes some important pieces of legislation for federal credit unions and credit unions in general. Credit Union Governance Modernization Act The Credit Union Governance Modernization Act (CUGMA), contained in Division T of the legislation, amends the ...

By: Shannon Basile, Director of Compliance On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced changes made to its examination procedures on unfair, deceptive, or abusive acts or practices (UDAAP).  According to the CFPB, the changes made will “better protect families and communities from illegal discrimination, including in situations where fair lending laws may ...