Compliance Blog

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 ...

By: Kevin Shaw, Senior Regional Director Keeping credit union volunteers and staff up to date on required training can be challenging. TheIllinois Credit Union League has recognized this challenge and has developed on-demand trainingsessions that can be completed at whatever time is convenient. The on-demand training sessions arefree of charge for ICUL member credit unions. Listed ...

By: Joni Senkpeil, SVP, Member Resources OSHA has issued an emergency temporary standard (ETS) mandating private employers with 100 or more employees to require vaccines or weekly testing for unvaccinated employees. The effective date is January 4, 2022. The ETS also requires employers to provide paid time to get the vaccine and paid leave to recover ...

By: Ashley Sharp, VP, State Advocacy and Legislative Counsel In recent months, Illinois, along with most other states and the federal government, has grappled with the issue of digital asset jurisdiction. In particular, Illinois legislators have been working on cryptocurrency legislation. In the spring of 2021, HB 3968 was filed by Representative Margaret Croke, which formally ...

By: Kari Osier, Compliance Specialist We get quite a few adverse action questions relating to loan applications. Under Regulation B, there are many requirements, one of them being that a credit union is required to send a notice when an adverse action is taken on a loan application. The credit union must include a statement of ...