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News (CompliancePro Blog)

When ACH Debit Entries Are Returned Unpaid, Can They Be Resubmitted?

The League’s compliance department occasionally receives calls about payday lenders and certain other businesses continually resubmitting ACH debit entries that the credit union has previously returned unpaid.  NACHA recently released an ACH operations bulletin (which you can find here) reminding... More

Fed Agencies Release QRM, Risk Retention Proposal

WASHINGTON (UPDATED: 8/28/13, 11:40 A.M. ET)--Another round of proposed credit risk retention regulations, including a new definition of "qualified residential mortgage" (QRM) with modifications that the Credit Union National Association had urged, was released by the Federal Reserve, Federal... More

E-Filing Comment Deadline Approaches

ALEXANDRIA, Va. (8/28/13)--Credit unions have until Sept. 3 to comment on a National Credit Union Administration proposal to require all federally insured credit unions (FICUs) to file financial, statistical, and other reports and credit union profiles with the agency only electronically.

The current... More

NCUA Alerts CUs On ECOA Valuations Rule

Details of the Consumer Financial Protection Bureau's new rule on real estate appraisals and other written valuations under the Equal Credit Opportunity Act, and how the rule could impact credit unions, are addressed in a new National Credit Union Administration Regulatory Alert (13-RA-07).

The appraisal... More

Reg Alert Reminds Of Remittance Requirements, Compliance Deadline

ALEXANDRIA, Va. (7/29/13)--The National Credit Union Administration has reminded credit unions of recent major changes to the remittance transfer rule by the Consumer Financial Protection Bureau (CFPB), and the upcoming Oct. 28 compliance date, in a new Regulatory Alert (13-RA-06).

Under the rule, remittance... More

COPPA July 1 Effective Date Prompts FTC Guidance

FROM CUNA's News Now
WASHINGTON (7/3/13)--Changes to the Federal Trade Commission's (FTC) Children's Online Privacy Protection Act (COPPA) rule took effect on July 1, and the FTC has followed up on that deadline by releasing two new sets of guidance.

The COPPA rules address the collection, use, and/or... More

League Issues Four Operations Releases

The League released four new operations releases in June 2013. Those releases have already been sent to our member credit unions via direct mail, and those of you who attended the League’s quarterly compliance webinar (on June 11, 2013) have already received electronic versions of them. 

For those... More

Final Garnishment Rule Is Out, Clarifies Proposal

Source: Credit Union National Association

As of June 28, a new final rule issued by the U.S. Treasury Department and several other federal agencies will establish procedures that credit unions must follow when they receive a garnishment order against an account holder who receives certain federal benefit... More

CFPB Proposes CUNA-Sought Credit Rule Delay

(FROM CUNA's NEWS NOW, May 8)

The Consumer Financial Protection Bureau has favorably responded to the Credit Union National Association's recent request that the agency delay a June 1 effective date relating to the prohibition on financing certain credit insurance charges. The provision is contained... More

League Offers Online Info Tool on New Mortgage Lending, Servicing Regulations

The Consumer Financial Protection Bureau (CFPB) has finalized a series of new and amended regulations that will significantly impact mortgage lending and servicing. The majority of the new regulations will not go into effect until January 2014, but there are a few that will go into effect as early as... More

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