Compliance Blog

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session, Illinois legislators passed SB 2176, creating the Uniform Electronic Transactions Act (“UETA”), which repealed the existing Electronic Commerce Security Act (“ECSA”).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 ...

By: Shannon Basile, Compliance Analyst In a recent NCUA  Letter to Federally Insured Credit Unions (21-CU-03), NCUA reminds credit unions that as of December 31, 2021, the one-week and two-month London Inter-bank Offered Rate (LIBOR) settings will no longer be published.  The remaining LIBOR settings will end immediately following the LIBOR publication on June 30, 2023.  The ...

By: Kari Osier, Compliance Specialist Recently, the Eleventh Circuit Court of Appeals ruled on an FDCPA case that could have farreaching implications in the collection industry. In Hunstein v. Preferred Collection and Management Services, Inc., the plaintiff incurred debt to a hospital for medical treatment, and the debt was transferred to the defendant to collect on. ...

By: Kevin Shaw, Senior Regional Director The financial exploitation definition of “adults at risk” is an adult with disabilities between age 18-59 or a person that is 60 years of age or older. While Financial Exploitation training is required for a credit union’s member facing staff every three years, we are also talking about people’s wellbeing. ...

By: Steve Olson, Attorney at Law A. Background. In the L&T Bulletin issued April 2, 2021, we discussed two measures Governor Pritzker signed into law implementing the Economic Equity pillar of the Legislative Black Caucus. One was the Illinois Community Reinvestment Act (SB 1608 now Public Act 101-0657) and the other was Predatory Loan Prevention Act (SB ...