Compliance Blog

By: Shannon Basile, Compliance Analyst When a member notifies the credit union that a check with a fraudulent signature has cleared their account, the credit union should refer to the rules in Articles 3&4 of the Illinois Uniform Commercial Code (IL UCC).  The check negotiation rules provided in Articles 3&4 of the IL UCC, will outline the ...

By: Kari Osier, Compliance Specialist A credit union has discovered that it has been charging a lower APR on some of its credit cards than the APR disclosed in the credit card agreement provided at the time the account was opened.  May the credit union increase the APR on existing balances to the originally disclosed rate? Section 1026.55(a) ...

By: Shannon Basile, Compliance Analyst On April 1st the U.S. Supreme Court (SCOTUS) clarified the Telephone Consumer Protection Act’s (TCPA’s) definition of an automated telephone dialing system (ATDS).  The ruling provides a narrow definition of an ATDS, as equipment with the capacity to generate random or sequential numbers and to automatically call those numbers. Although the recent SCOTUS ...

By: Joni Senkpeil, SVP, Member Resources On March 23, Governor Pritzker signed legislation (Senate Bill 1480) amending the Illinois Human Rights Act to add conviction record protections. The amendment is effective immediately. Credit unions employing one or more employees within Illinois during 20 or more calendar weeks must comply with the new conviction record protections. Under the Act, ...

By: Shannon Basile, Compliance Analyst According to Article XXV Section 1(a) of the Illinois Probate Act, a small estate affidavit may be accepted by anyone holding the personal estate of a decedent, controlling the right of access to the decedent’s safe deposit box, or acting as a registrar or transfer agent of any evidence of interest, ...

By: Kari Osier, Compliance Specialist It looks like 2021 will be a very active year for data privacy legislation! Until there is federal data privacy legislation enacted, states will keep passing their own separate data privacy laws. California was the first to pass a data privacy law with the California Consumer Privacy Act of 2018 (CCPA), ...

By: Pat Voss, AVP Member Outreach This article appeared in the American Credit Union Mortgage Association (ACUMA) Pipeline magazine, on December 10, 2020, and was written by Concepcion Guerrero, MGIC Marketing Program Specialist and furnished by the CUNA Mutual Group for the Illinois Credit Union League and LSC to share with Illinois member credit unions.  This and ...

By: Ashley Niebur Sharp, VP State Advocacy & Legislative Counsel Members of the 102nd Illinois General Assembly were sworn in on January 13, and the Illinois House elected a new Speaker, Emanuel Chris Welch. Almost all session days were canceled in February, however, activity continued as both the House and Senate bill filing deadlines occurred at the ...

By: Shannon Basile, Compliance Analyst Regulation Z is such a fun regulation to read, said no one ever. The relationship between the rules for billing errors and special credit card provisions is important to understand in order to determine what rules apply to various credit card disputes. Specifically, where the two sections include language that create confusion regarding ...

By: Joni Senkpeil, SVP, Member Solutions From time to time, we receive questions regarding regulatory expectations based on asset size.  In response, we’ve created guidance to help you facilitate compliance. Keep in mind, the regulatory landscape and compliance expectations are continuously evolving which may alter the attached guidance.