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News (CompliancePro Blog)

CFPB’S New Remittance Transfer Regulations Take Effect on October 28, 2013

All credit unions that initiate cross-border wires, ACHs, or other electronic transfers of funds (or allow their members to initiate such transactions through an online bill payment system) need to take a close look at the new “remittance transfer” regulations that CFPB has added to Regulation E.  ... More

NCUA Amends Its Loan Participation Rule and Expands the Rule's Coverage to All Federally Insured Credit Unions

The NCUA has long had a “loan participation” rule that specifies when a credit union can, through a loan participation agreement, purchase an interest in a loan that it did not originate.  The rule places limits not only on what type of originators a credit union can do business with, but also... More

Credit Reporting - The Creditor's Duty to Investigate Disputes (A Refresher Course)

Last week, the Consumer Financial Protection Bureau (CFPB) issued a bulletin (CFPB Bulletin 2013-09) intended to remind creditors what is expected of them when a consumer formally disputes something that the creditor has reported to the credit reporting agencies (CRAs).  The CFPB explains that,... More

New Mortgage Regulations - Deadline & Compliance Resources

We wanted to remind everyone that most of the CFPB’s new mortgage lending and mortgage servicing regulations go into effect in January 2014.  The time to prepare is now, and this post is intended to highlight some of the resources (both paid resources and free resources) that are available to... More

IRS Provides Update on Employee Benefits for Same-Sex Couples

In June, the Supreme Court invalidated a portion of the Defense of Marriage Act and provided favorable tax treatment for the estate of a same-sex spouse.  Like most litigation, the Court's decision raised as many questions as it answered. 

The IRS has now answered for taxpayers and employers... More