Compliance Blog

By: Robin Hollis, Community Development Officer According to the Credit Union Executive Society, 40% of credit union CEOs have reached retirement age in the past five years. Yet only one in five credit unions have developed a succession plan.  NCUA’s proposed rule on succession plan seeks to change that. At its first open meeting of 2022, the ...

By: Kari Osier, Compliance Specialist The new RecoveryPro is here!  Disruption or loss of access to core business functions can have severe consequences for credit unions and their members. Business continuity planning does not question the odds of a disruption happening, but looks at the impact these disruptions may cause, then makes plans and preparations accordingly. RecoveryPro ...

By: Shannon Basile, Director of Compliance Last December the Consumer Financial Protection Bureau (CFPB) published several updates to its Electronic Fund Transfers FAQs, one of which clarified a financial institution’s responsibility regarding P2P transfers.  The FAQs are broken down into the following topics: Coverage: Transactions Coverage: Financial Institutions Error Resolution Error Resolution: Unauthorized EFTs The first topic confirms that a P2P or mobile ...

By: Ashley Sharp, VP, State Advocacy and Legislative Counsel Over the past year, ICUL has been actively engaged in next steps following the passage of the Illinois Community Reinvestment Act. Following the enactment of the legislation, we issued a Compliance Blog outlining the industry’s concerns with the legislation (click here). In the months that followed, we met with the ...

By: Patrick Smith, SVP Regulatory Affairs I hope everyone enjoyed the holiday season!  As we start the new year, I wanted to make sure all our credit unions get off to a great start by reviewing NCUA’s top Supervisory Priorities for 2022.  As in the past, many of these priorities are continued from previous years as they ...

By: Joni Senkpeil, SVP, Member Solutions Illinois labor laws and federal employment related laws require the posting of notices to inform employees of their rights under those laws.  Employers must display these required posters where their employees can read them such as a break room. The list below contains the major posters required by law: Workplace Posters for ...

By: Kari Osier, Compliance Specialist The CFPB recently released an updated set of frequently asked questions (FAQs) to help creditors address LIBOR transition topics, regulatory questions, and general implementation considerations. The guidance addresses regulatory requirements for both existing accounts and new originations as creditors complete the steps necessary to discontinue use of LIBOR. Also look for an upcoming L&T bulletin summarizing ...

By: Shannon Basile, Director of Compliance As many of you may already know, on Friday December 17, 2021 the Sixth U.S. Circuit Court of Appeals lifted the stay on OSHA’s vaccine mandate requiring covered employers to ensure workers are vaccinated against COVID-19 or undergo weekly COVID-19 testing. A covered employer is defined as private employers with ...

By: Shannon Basile, Compliance Analyst The overdraft litigation trend is not slowing down. In a recent webinar, CUNA Mutual Group (CMG) reported a steady stream of demand letters threatening to take legal action against credit unions for their overdraft policies and practices. In addition, CMG stated there has been over 300 overdraft related class action lawsuits ...

By: Kari Osier, Compliance Specialist It’s coming! November 30, 2021 is THE day. In anticipation of that day, the CFPB recently updated some of its guidance documents to help financial institutions understand compliance requirements under the federal rules implementing the Fair Debt Collection Practices Act (FDCPA), in particular, the rule’s validation requirements: • released a “complete and ...