Compliance Blog

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 ...

By: Patrick Voss, AVP Member Outreach I’d like to share the fall 2021 CUNA Mutual Group Report with our member credit unions. I think you will find it helpful and informative. Please don’t hesitate to email us at [email protected] or contact your Regional Director if you have questions regarding this blog post.

Joni Senkpeil, SVP, Member Resources and Shannon Basile, Compliance Analyst The ICUL Compliance Team addresses many questions regarding the unclaimed property reporting and member notification process required by the Illinois Revised Uniform Unclaimed Property Act (RUUPA).  As the deadline for reporting unclaimed property to the Illinois State Treasurer’s office approaches, we have assembled a comprehensive unclaimed property ...

Ashley Sharp, VP, State Advocacy and Legislative Counsel During the spring 2021 legislative session, Illinois legislators passed SB 2176, creating the Uniform Electronic Transactions Act (“UETA”), which repealed the existing Electronic Commerce Security Act (“ECSA”). UETA, a modernization of the state’s electronic signature law, was signed by Governor Pritzker and became Public Act 102-0038, which was ...

By: Joni Senkpeil, SVP, Member Solutions The CFPB reported older Americans lose an estimated $3 billion each year to fraudsters and for each case reported, 43 others go unrecognized. To help your elderly members avoid becoming victims of fraud scams, it’s important to educate them on emerging trends and how to protect themselves. Recently, the CFPB announced ...

By: Kari Osier, Compliance Specialist The CFPB recently released some mortgage servicing FAQs relating to compliance with amendments to Regulation X and Regulation Z that became effective April 19, 2018. We receive many questions relating to these regulations and have received some questions asking where the Public Guidance Documents referred to in the escrow rules in ...

By: Shannon Basile, Compliance Analyst The Illinois Department of Public Health (IDPH) has published updated FAQs for businesses regarding the use of face-coverings.  The update provides anyone over the age of 2, who is not fully vaccinated must wear a face covering when in a public place and unable to maintain a 6-foot social distance.  This does ...