Transactional Alerts Requirements to Help Reduce Fraud
The payments system is increasingly dynamic and the risks associated are becoming more complex. Providing a method for cardholders to quickly identify suspicious purchases on their accounts through the use of transaction alerts is a proven method to lessen fraud.
A Visa study showed that transaction alerts can help reduce fraud by up to 40% while ...
Picture your director’s in a meeting with State or Federal Regulator’s and the regulators are discussing the credit unions financial performance and asking directors specific questions about the credit unions financial performance ratios and trends. Picture your director not comprehending what the regulators are discussing or asking. At that point, you might be saying to ...
Reverse Mortgage Lending in Illinois
Credit unions engaged in reverse mortgage lending, or interested in offering that line of lending to their members in the future, should be aware of changes in Illinois law governing the topic. Effective May 1, 2017, the Illinois Department of Financial and Professional Regulation has adopted amendments to the Illinois Administrative Code governing state based ...
It is finally official! After a lengthy but worthwhile process for all, the NCUA Board approved IDFPR’s new Member Business Lending “MBL” rule during their April 20, 2017 meeting. The board’s action was necessary to provide unity and parity with NCUA’s MBL rule which has been in effect since January 1st, 2017. The revised Illinois ...
Statement on CFPB Prepaid Rule
The Consumer Financial Protection Bureau (CFPB) has delayed the effective date of its Prepaid Rule for six months, to April 1, 2018. The Prepaid Rule would amend Regulation E to add requirements for general purpose reloadable prepaid cards. These new requirements would not apply to gift cards. The requirements of the Prepaid Rule would include:
New ...
As more and more credit unions move to electronic signatures, we’ll use this blog to address the questions we receive most often: Do we have an Illinois law that applies to e-signatures? Yes. To encourage electronic commerce, the Illinois Electronic Commerce Security Act passed the Illinois Legislature on July 1, 1999. Shortly after, the ...
CFPB Issues Proposed Amendments to Home Mortgage Disclosure Act 2015 Final Rule
With the CFPB having just issued proposed amendments to the Home Mortgage Disclosure Act (HMDA), we thought it would be best to get the word out to our credit unions through our new blog!
Last Thursday, the CFPB issued a proposal to the 2015 Home Disclosure Mortgage Act Final Rule, which the CFPB has stated would ...
NCUA revises Compliance Risk Indicators
NCUA updated its Risk Focused Examination Program to include a revised list of Compliance Risk Indicators. NCUA Examiners began using the updated list on March 31, 2017.
March 31, 2017, is also the effective date for the revised Federal Financial Institutions Examination Council (FFIEC) Interagency Consumer Compliance Rating System (CCRS). NCUA, as an FFIEC member agency, ...