Compliance & Regulatory News

Compliance: New Mortgage Servicing Rules now Effective

Thursday, April 19 marked the effective date of the second round of amendments to the Consumer Financial Protection Bureau’s (CFPB) mortgage servicing rules, finalized August 2016. This means confirmed successors in interest are now entitled to the same servicing protections available to borrowers under both Regulation Z and Regulation X.

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Wells Fargo Mortgage, Auto Lending Practices Draw Big Fines

Two federal bank regulators hit Wells Fargo with $1 billion in fines today, the latest fallout from the wave of scandals to beset the bank. It will pay $500 million in penalties each to the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency, according to a statement from the CFPB.

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NCUA Approves Stress Testing, Advertising Rules

ALEXANDRIA, Va. – The National Credit Union Administration (NCUA) Board held its fourth open meeting of 2018 at the agency’s headquarters Thursday and unanimously approved two items: a final rule reducing regulatory burdens on federally insured credit unions with assets of $10 billion or greater by removing certain current capital planning and stress testing requirements, and a final rule revising parts of the agency’s advertising rule to provide regulatory relief by allowing an additional advertising option, expanding exemptions, and eliminating one requirement.

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Senate Bill to Clarify CFPB Insurance Authority Backed

CUNA wrote in support of a Senate bill Wednesday that would clarify that the business of insurance is exempted from the Consumer Financial Protection Bureau’s authority. The Business of Insurance Regulatory Reform Act was introduced by Sens. Tim Scott (R-S.C.), Tammy Baldwin (D-Wis.), Joe Manchin (D-W.V.) and Mike Rounds (R-S.D.).

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Nussle Pens Op-ed, Says Unity is Essential to Achieve Regulatory Relief

Achieving regulatory relief for credit unions requires alliances and teamwork, CUNA President/CEO Jim Nussle wrote in a Credit Union Journal op-ed Friday. Nussle noted that the bipartisan Economic Growth, Regulatory Reform and Consumer Protection Act (S. 2155), passed by the Senate and awaiting House consideration, is supported by such an alliance.

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Fed to Testify on U.S. Financial System, Hearings on Robocalls, Regulatory Relief Rules on NCUA Agenda

WASHINGTON – Both the House and Senate are in session this week. Committees in each chamber will hear a testimony from Federal Reserve Vice Chairman Randal Quarles on the U.S. financial system, and House and Senate committees will hold hearings on stopping abusive robocalls. The NCUA Board meets Thursday and will consider two rules that would offer credit unions greater flexibility in capital planning and advertising.

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Now Available: FinCEN’s Samples of the Beneficial Owner Certification Form in MS Word and a Fillable PDF

FinCEN's CDD Beneficial Owner Certification Form is now available in an electronic format! Previously, credit unions expressed difficulty in using FinCEN's Beneficial Owner Certification Form located in Appendix A to the rule due to it being inconveniently divided over two pages of the rule.  According to FinCEN, its "CDD Certification Form is an optional form providing a convenient way for institutions to obtain and record information required by the CDD rule”.

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NCUA’s CURE to Host Bank Secrecy Act Webinar

Register Now to Learn About Requirements for Ongoing Customer Due Diligence

ALEXANDRIA, Va. – Credit unions with questions about complying with customer due diligence requirements in the Bank Secrecy Act can get valuable information on a National Credit Union Administration webinar scheduled for April 25.

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NCUA Loan Participation Regulations

NCUA General Counsel Michael McKenna recently issued a legal opinion letter from the agency on loan participations. An inquiry was made about whether a loan participation must meet the requirements of NCUA’s loan participations regulation throughout the life of the transaction.

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CUNA’s Dempsey talks TCPA Decision, Next Steps

"CUNA plans to seek additional clarity surrounding the Telephone Consumer Protection Act (TCPA), following a significant step forward with the D.C. Court of Appeals decision to overturn parts of the 2015 Omnibus Ruling," CUNA Senior Director of Advocacy Leah Dempsey said during an interview. Appearing on CUBroadcast, Dempsey broke down last week’s decision, what it means for credit unions and what could happen going forward.

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Exemptions, exceptions for new CDD rule

The May 11 effective date of the new Customer Due Diligence (CDD) rule is approaching, after which credit unions will be required to obtain identifying information about the beneficial owners of their legal entity accounts.

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FFIEC provides update of exam modernization project

FFIEC provides update of exam modernization project 

The members of the Federal Financial Institutions Examination Council (FFIEC) announced an update on its examination modernization project that was undertaken following the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). 

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NCUA Releases 2017 Annual Report

ALEXANDRIA, Va. – The National Credit Union Administration today released its 2017 Annual Report, highlighting the agency’s activities, policy initiatives and accomplishments for 2017.

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CU Obligations for Service Animal Accommodations

CUNA’s compliance staff was recently asked a question about a credit union's obligation under the Americans with Disabilities Act regarding service animals. While credit unions want to ensure members are protected from discrimination, they also want to maintain a safe environment for all members. 

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NCUA Board Seeks Comments on Possible Credit Union Bylaws Changes

Credit Union Stakeholders Can Also Comment on a Proposal to Improve Procurement Process

ALEXANDRIA, Va. – The National Credit Union Administration Board held its third open meeting of 2018 at the agency’s headquarters on Thursday and unanimously approved two items.

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CUNA Suggests Regulatory Relief via CRA, MLA Changes, SBREFA

"Credit unions are harmed by poorly tailored rules," CUNA President/CEO Jim Nussle wrote to House Committee on Government and Reform leadership Wednesday. CUNA’s letter was sent for the record of the committee’s hearing on the federal regulatory process.

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Third Phase of Same Day ACH Starts Friday

The third and final phase of the same day automated clearing house (ACH) implementation is effective Friday, March 16. Effective with Phase Three, receiving financial institutions (RDFIs) must make funds available from same-day ACH credits for withdrawal by 5 p.m. at the RDFI’s local time.

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CFPB Issues Final Rule to Help Mortgage Servicers Communicate with Certain Borrowers Facing Bankruptcy

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) this week issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule.

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CFPB Publishes 2018 Lists of Rural and Underserved Counties

The Consumer Financial Protection Bureau (CFPB) has published the 2018 list of rural and underserved counties and a separate 2018 list that includes only rural counties. The Bureau has also updated the rural and underserved areas tool on its Web site for 2018.

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Senate Moves Forward on CUNA-Backed Bipartisan Reg Relief Bill

Senate Majority Leader Mitch McConnell filed cloture on the motion to proceed with the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) Thursday, moving the bill closer to floor consideration. The bipartisan regulatory relief bill is strongly supported by CUNA, which has launched a nationwide grassroots support effort.

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Nussle, CU Leaders Talk Regulatory Relief with President Trump

During a meeting at the White House, they express support for a bipartisan Senate bill.

CUNA President/CEO Jim Nussle and several other credit union leaders left CUNA’s Governmental Affairs Conference briefly Monday for a meeting at the White House to talk regulatory relief with President Donald Trump.

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CUNA Tool Allows CUs to Calculate SIF Equity Distribution

CUNA has created a calculator where credit unions can enter their NCUA charter number and get the amount of their estimated share insurance fund equity distribution, the estimated premium they would have paid in 2018 absent CUNA/league advocacy efforts and some related ratios. CUNA and state leagues strongly supported closing the Temporary Corporate Credit Union Stabilization Fund last year and issuing distributions starting this year.

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NJCUL Holds Webinar on Legal Perspective of ADA Web Site Lawsuits with Attorney Michael DuPont

HIGHTSTOWN, N.J. – On Thursday, the New Jersey Credit Union League hosted a compliance webinar on the ADA Web Site Demand Letter Lawsuits issue from the legal perspective of attorney Michael DuPont. The webinar was the third in a series of in-person and virtual sessions on the ADA Web Site Demand letter topic. NJCUL brought credit union leaders and experts together to talk about what happened, actions credit unions can take to update their Web sites, risks, and legal consequences to receiving a demand letter from a law firm alleging a credit union has Web site discrepancies.

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CUNA Talks Regulatory Relief with CFPB Director

Key CUNA staff met with Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney Thursday to discuss ways to provide credit unions with regulatory relief. Ryan Donovan, CUNA Chief Advocacy Officer, and Leah Dempsey, Senior Director of Advocacy and Counsel, were joined by leaders of various financial services trade associations.

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Regulatory Relief Bills Pass House, ADA Vote Today

The U.S. House Wednesday advanced two credit union-backed regulatory relief bills, one adjusting the CFPB's TILA/RESPA integrated mortgage disclosures (TRID) rule and the other amending various banking laws. The bills now await action in the U.S. Senate.

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Regulatory Relief Votes Today, ADA Vote Expected Tomorrow

The U.S. House Rules Committee yesterday advanced three credit union-supported bills. The full House is expected to vote today on two regulatory relief bills and tomorrow on an Americans with Disabilities Act (ADA) bill.

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NCUA Board to Vote on Final Share Insurance Fund Equity Distributions Rule and Stabilization Fund Rebates at February Meeting

ALEXADNRIA, Va. – During its February Board Meeting being held on Thursday, February 15 at 10:00 a.m., the NCUA Board will vote on the Final Rule regarding Share Insurance Fund Equity Distributions, including the 2018 rebates to credit unions resulting from the closure of the Temporary Corporate Credit Union Stabilization Fund (TCCUSIF).

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CFPB Acting Director Announces Chief of Staff

WASHINGTON, D.C. — The Consumer Financial Protection Bureau’s (CFPB) Acting Director Mick Mulvaney announced that he has named Kirsten Sutton Mork chief of staff for the agency. Mork has been serving as staff director of the House Financial Services Committee under Chairman Jeb Hensarling.

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CUNA Evaluating ADA Lawsuits, Anticipates Filing Briefs

CUNA continues its evaluation of Americans with Disabilities Act (ADA) Web site accessibility litigation filed around the country against several credit unions and anticipates filing briefs in certain cases in the coming days and weeks.

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Rejected ADA Complaint Amended by Plaintiff

Since a case alleging Americans with Disabilities Act (ADA) violations by a credit union was thrown out last week, the plaintiff has amended his original complaint. The suit was thrown out Friday, and is an important step forward for credit unions facing increasing legal threats due to uncertainty over how the ADA applies to Web sites.

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CUNA’s Dempsey Talks ADA Compliance, CUNA Advocacy

CUNA Senior Director of Advocacy and Counsel Leah Dempsey appeared on CUBroadcast Thursday to talk about the recent rash of lawsuits hitting credit unions over ADA Web site accessibility confusion. CUNA has made protecting credit unions from these frivolous suits a top advocacy priority.

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ADA Suit Tossed in Victory for Virginia CU

A federal district court in Virginia Friday threw out a lawsuit brought against a credit union alleging Web site accessibility issues under the Americans with Disabilities Act (ADA). Credit unions are facing increasing legal threats due to confusion over how the ADA applies to Web sites.

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NCUA Seeks Comments on Proposed Call Report Modernization

Board Adopts Updated Strategic Plan, Annual Performance Plan

ALEXANDRIA, Va. – The National Credit Union Administration Board held its first open meeting of 2018 at the agency’s headquarters on Thursday and unanimously approved two items.

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IMPORTANT: ADA Website Litigation - NJCUL Hosting Follow-up Collaboration Meeting, Monday, Jan. 29

Credit union CEOs affected by receipt of an ADA demand letter, or who wish to know more information about the issues, are welcome to register for an in-person meeting at NJCUL’s headquarters this Monday, January 29, 10:00 am – 12:30 pm (EST) for the opportunity to collaborate face-to-face to share next steps, discuss options and to obtain access to resources. There is also an opportunity to attend virtually.  The League understands that time is of the essence, since most letters from the California law firm gave a two-week time frame for a decision – so we are asking that you please register today!

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2018 HMDA Reporting Thresholds and Changes to Notices

ALEXANDRIA, Va. – Changes to the criteria requiring credit unions to record and report data under the Home Mortgage Disclosure Act became effective January 1, 2018. Other changes simplify requirements for responding to public requests for HMDA data.

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NJCUL ALERT: USAA Notice to FIs Seeking Patent Licensing Fees

Many financial institutions around the country, including credit unions, could soon be paying a price for the success of remote deposit capture. Originally created by USAA, remote deposit capture (RDC) has become a popular feature in most mobile banking apps. The issue…USAA is putting financial institutions on notice that it wants to start charging a licensing fee to use it.

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NJCUL ADA Update: Resources, Information, Advocacy

In anticipation of Americans with Disabilities Act (ADA) Web site compliance requirements, throughout 2017, the New Jersey Credit Union League provided critical communications and solutions for credit unions to evaluate their Web sites, as well as offered connections to partners and resources to mend deficiencies. For example, in October 2017, NJCUL’s Services Corporation (NSC) held an ADA Web site webinar, facilitated by CU Solutions Group.

This past week, a number of New Jersey credit unions have received demand letters threatening lawsuits for claimed ADA discrepancies on their respective Web sites. NJCUL President/CEO, David Frankil provided an urgent update to members last week via email regarding these letters. As of yesterday, the calls and emails continue to come in to NJCUL on this issue, and the number of credit unions that have received letters are being reported in upwards of 20 or more. There are sure to be more to come. To help credit unions navigate this issue, we ask that if you have received a demand letter or want to proactively address your Web site issues, please visit the ADA Web Site Compliance Advocacy page NJCUL launched last week. 

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CUNA Cybersecurity Conference Set for June 2018 in Nashville

For the fifth consecutive year, CUNA and the National Association of State Credit Union Supervisors (NASCUS) will provide credit union professionals the latest trends and tactics to safeguard them from cyberattacks.

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Reminder: New W-8BEN Rules

For IRS W-8BEN forms obtained on or after January 1, 2017, you must collect a date of birth for the foreign credit union member. However, if you have the foreign member’s date of birth in your files, you may use that information for reporting purposes and will not be required to treat a Form W-8BEN as invalid because it did not include a date of birth. Also, after January 1st, if you have an otherwise valid Form W-8BEN, but it is missing a foreign TIN, you are permitted to obtain the member’s foreign TIN on a written statement provided by the member (including a written statement transmitted by email) that indicates that the foreign TIN is to be associated with the member’s Form W-8BEN. Similarly, you are permitted to obtain the reasonable explanation for the absence of a foreign TIN in this manner.

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Special Alert: NJ Credit Union Receives ADA Demand Letter

HIGHTSTOWN, N.J. - The League was notified this morning that a small New Jersey credit union received a letter of violation stating the credit union’s Web site is not in compliance with requirements of the Americans With Disabilities Act (ADA) Web Content Accessibility Guidelines. The letter, from a California law firm, states that their client (who is blind) is entitled to “damages, attorney’s fees, and an accessibility injunction,” and suggests that the credit union contact them for a “confidential resolution” to avoid suit being filed within two weeks.

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CUNA Notes Potential Burdens in NCUA Data Modernization

While CUNA supports NCUA’s commitment to examination modernization, it cautioned the agency against a one-size-fits all approach in a letter sent Thursday. CUNA’s letter was in response to NCUA’s request for information (RFI) on electronic data collection modernization.

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NJCUL VP of Compliance and Regulatory Affairs Nicola Foggie Earns Certification in Enterprise Risk Management

NJCUL congratulates Vice President of Compliance and Regulatory Affairs, Nicola Foggie, on obtaining the designation of CUNA Credit Union Enterprise Risk Management Expert (CUERME). Foggie plans to utilize the skills she learned, along with her compliance team, to help NJCUL member boards of directors and senior management navigate the process of identifying areas of risk and work to develop the strategies and methods to effectively manage risk across the organization through the use of a common risk management framework.

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The Benefits of Enterprise Risk Management

As business risks continue to increase, credit unions are finding it necessary to implement some sort of formal risk management system.  In an effective enterprise risk management (ERM) program credit unions can work to organize, plan and mange their risks and be ready to maximize opportunities. Organizations of all types that undertake an ERM program haver reported a variety of benefits from enhancing their risk management program and access to tools.

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Analysis of DOD’s Latest MLA Guidance

The Department of Defense published CUNA-requested guidance pertaining to the Military Lending Act last week. This new interpretive rule amends the guidance in three of the 19 questions and answers presented by DOD in August, and it clarifies a fourth issue not addressed in the August guidance.

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NCUA Finalizes Mergers Rule, Agency Reorganization

The NCUA board finalized two rules at its Thursday meeting, the final meeting of 2017. Both rules, on emergency mergers and agency reorganization, were approved unanimously.

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Final Emergency Merger, Reorganization Rules on NCUA Agenda

The NCUA board will consider final rules on emergency mergers and agency reorganization at its Thursday meeting, the final of 2017. The meeting is scheduled to begin at 10 a.m. (ET) Dec. 14, and will be streamed live on NCUA’s website.

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Executive Order Establishes New NCUA Seal

New Design Reflects NCUA’s Critical Role in Promoting Financial Stability

ALEXANDRIA, Va. – President Donald Trump has signed an Executive Order establishing the new official seal for the National Credit Union Administration, the agency announced Monday.

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NCUA’s Metsger Warns Taxi Medallion Crisis Could Lead to Loss Reserve Increase

ALEXANDRIA, Va. – The NCUA may be forced to increase loss reserves for the Share Insurance Fund as the value of taxi medallions plunges, putting credit unions that made medallion loans at risk, NCUA board member Rick Metsger said Friday, speaking at the Oregon Department of Financial Services CEO roundtable.

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FinCEN launches ‘FinCEN Exchange’

The Treasury’s Financial Crimes Enforcement Network (FinCEN) launched a new program last week, FinCEN Exchange, in an effort to enhance information sharing between law enforcement and financial institutions. Credit union participation in the program is voluntary, and the program does not introduce any new regulatory requirements.

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NY CU Files Lawsuit Over President’s CFPB Appointee

According to a recent article in the Credit Union Times, Lower East Side People’s Federal Credit Union filed a suit in U.S. District Court for the Southern District of New York following the resignation of Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, contending that President Trump illegally appointed Office of Management and Budget Director Mick Mulvaney to serve as interim director of the agency.

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Comments on Proposed New Data Collection Format Due Jan. 2, 2018

The NCUA is seeking comments from stakeholders on its plans to modernize the formats for loan, deposit and investment data collected electronically during examinations. This proposal is part of the agency’s Enterprise Solution Modernization Program and is expected to provide benefits to the agency and to credit unions, including a more consistent examination process, more efficient use of examiner time and reduced burdens on credit unions. Visit the League’s regulatory Comment Calls page for the latest information on comment letter writing and comment calls.

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Fiduciary rule transition period extended

With the Department of Labor (DOL) finalizing an 18-month extension of the fiduciary rule’s applicability date, what should credit unions do during the extended transition time? The rule’s amended definition of “fiduciary” became effective June 9, but fewer conditions will apply to financial institutions and advisers until July 1, 2019.

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CUNA Concerned About HMDA Data Availability

CUNA outlined a number of concerns with the Consumer Financial Protection Bureau’s (CFPB) proposed policy guidance on disclosure of loan-level Home Mortgage Disclosure Act (HMDA) data, it wrote to the bureau last week.

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CFPB Takes Action Against Citibank for Student Loan Servicing Failures that Harmed Borrowers

Company Deceived Borrowers About Tax Benefits, Incorrectly Charged Late Fees and Interest, Sent Misleading Monthly Bills and Incomplete Notices

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) took action against Citibank, N.A. for student loan servicing failures that harmed borrowers. Citibank misled borrowers into believing that they were not eligible for a valuable tax deduction on interest paid on certain student loans. The company also incorrectly charged late fees and added interest to the student loan balances of borrowers who were still in school and eligible to defer their loan payments. Citibank also misled consumers about how much they had to pay in their monthly bills and failed to disclose required information after denying borrowers’ requests to release loan cosigners. The Bureau is ordering Citibank to end these illegal servicing practices, and to pay $3.75 million in redress to consumers and a $2.75 million civil money penalty.

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Budget Briefing Video Available Online

ALEXANDRIA, Va. – The video recording of the Oct. 18th public briefing on the National Credit Union Administration’s proposed 2018-2019 budget is now available online here.

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NCUA 2018/2019 budget, OTR Methodology on Nov. 16 Meeting Agenda

NCUA’s 2018-2019 budget and the overhead transfer rate (OTR) methodology are highlights of NCUA’s Nov. 16 board meeting, according to the agenda released Thursday. The meeting is scheduled to begin at 10 a.m. (ET) Nov. 16, and a live video stream will be available.

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State of New Jersey Requests Information from FIs on Tax Payers

It will soon be mandatory for financial institutions (FIs) to comply with the State of New Jersey Department of the Treasury Division of Taxation’s order to implement its Financial Institution Data Match (FIDM) program as outlined in its October 17, 2017 letter to financial institutions in the State, including credit unions. According to the State’s letter: New Jersey Statute N.J.S.A. 54-50-37b(2) allows the Division to develop a system for the exchange of data with financial institutions for the purposes of identifying the accounts of debtors owing past due New Jersey state taxes.” Click here to view instructions from the State for compliance and here to view the Memorandum of Understanding that financial institutions are expected to complete.

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Pending Regulatory Comment Calls

NJCUL wants your voice to be heard! Help your League and CUNA get the message through. For comment letters to have the greatest impact, we need to hear from you. Please consider whether and how these proposals would affect your credit union, then take action! Contact NJCUL Vice President of Compliance & Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org, for information on interpretation of the changed or new regulation. Click here to send your own letter through PowerComment.

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Final Supervisory Review Committee, Appeals Rules Published, Effective Jan.

ALEXANDRIA, Va. – The NCUA published its final rules on the supervisory review committee (SRC) and appeals procedures in the Federal Register Monday, both rules will be effective Jan. 1. The NCUA board finalized the rules at its October board meeting.

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NCUA Reminds CUs Planning and Testing Are Key to Being Able to Recover from a Disruption

As discussed in the May issue of The NCUA Report, business continuity planning is essential for all credit unions. No matter the size, every credit union is responsible for ensuring members have access to money and services. Being prepared for a possible interruption before it occurs is critical to your credit union’s ability to recover.

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HMDA, Fair Lending Interagency Webinar Set for Nov. 16

WASHINGTON – The Home Mortgage Disclosure Act (HMDA) and other fair lending issues will be discussed by representatives from seven federal agencies, including the NCUA, during a live Webinar scheduled for Nov.16 at 2 p.m. There is no charge for the Webinar but registration is required.

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NCUA Webinar Will Discuss Benefits of Diversity for Credit Unions

Annual Diversity Self-Assessment Survey Now Under Way

ALEXANDRIA, Va. – Credit unions can learn about the many benefits of promoting diversity in their workforces and their membership on an upcoming webinar hosted by the National Credit Union Administration.

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NCUA Improves Appeals Process for Regulations and for Supervisory Actions

Share Insurance Fund Posts Quarterly Loss Due to Increased Loss Provisions

ALEXANDRIA, Va. – The NCUA Board held its eighth open meeting of 2017 Thursday and unanimously approved four items: a final rule enhancing due process and providing consistency with other federal financial institutions regulators in the supervisory appeals process; a final rule providing uniform, comprehensive procedures to govern the agency’s regulatory appeals process; a proposed rule to reduce regulatory burdens by removing some of the capital planning and stress testing requirements currently applicable to federally insured credit unions with assets of $10 billion or greater; and a request for information to be published in the Federal Register on standardizing the loan, deposit, and investment information collected electronically during examinations.

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CFPB Updates HMDA Implementation Materials & 2018 FIG

To support implementation of the recently issued 2017 HMDA Final Rule, the Consumer Financial Protection Bureau (CFPB) has updated the chart on the Collection and Reporting of HMDA Information about Ethnicity and Race.

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CUNA, CU Industry Reps Present at NCUA Budget Briefing

ALEXANDRIA, Va. -- CUNA recognizes NCUA has made improvements to its budget process reflected in this year’s proposed budget, CUNA Vice President of Research and Policy Analysis Mike Schenk told the agency during its budget briefing Wednesday. Schenk, along with other credit union industry representatives, was among the presenters at NCUA’s briefing on its proposed 2018-2019 budget.

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Required Disaster Preparedness Planning for Credit Unions

After weeks of hurricanes, and now wildfires, it’s more important than ever for credit unions to be prepared for disasters. Federally insured credit unions are required to have disaster recovery and business resumption plans to address all types of disruptions.

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Final Appeals, SRC Rule on NCUA’s Oct. 19 Meeting Agenda

Final appeals and supervisory review committee (SRC) rules are part of NCUA’s board meeting agenda next week. The meeting will come a day after NCUA conducts a briefing on its 2018-2019 budget.

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NCUA Posts 2018–2019 Budget Proposal

Agency Accepting Comments and Budget Briefing Presentation Requests

ALEXANDRIA, Va. – The National Credit Union Administration’s 2018–2019 budget proposal is now available online, and the agency is accepting comments as well as requests to present at its Oct. 18 budget briefing.

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League Hosts Free Equifax Legal Ramifications Webinar, Archive Available to Members

The League hosted a free webinar this morning with attorney Michael DuPont who discussed credit unions’ legal rights, potential involvement in class actions suits, and unforeseen ramifications resulting from the Equifax breach. He also covered the impact credit unions can expect and discussed the option of taking legal action. An archived recording of the webinar can be access by NJCUL members here.

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CPFB Issues Interim Final, Proposed Mortgage Servicing Rules

WASHINGTON -- The Consumer Financial Protection Bureau (CFPB) issued an interim final rule Wednesday allowing flexibility to mortgage servicers about when they can communicate foreclosure options to borrowers who have requested communications cease. The interim final rule goes into effect Oct. 17.

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NCUA Publishes TCCUSF Closure, Ad Rule Proposal, Strategic Plan

ALEXANDRIA, Va. -- The NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund, along with a proposed rule and the agency’s strategic plan, were published in the Federal Register Wednesday. The NCUA approved issuing the proposals, and closing the fund, at last week’s board meeting.

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MLA Credit Card Provisions Effective Today as Scheduled

WASHINGTON – The Department of Defense (DOD) has denied a request from CUNA and other organizations to delay the effective date of credit card provisions in the Military Lending Act (MLA), changes that are effective today, Oct. 3, 2017. CUNA wrote to the DOD in June asking for the delay due to lack of guidance, which they said creates compliance challenges that could result in less availability of credit to servicemembers and families.

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FFIEC Announces Availability of 2016 Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on mortgage lending transactions at 6,762 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA).

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NCUA Board Approves TCCUSF Merger, Refunds Start in 2018

The NCUA Board voted to close the Temporary Corporate Credit Union Stabilization Fund (TCCUSF), merge it with the Share Insurance Fund, and begin issuing refunds in 2018, according to documents available at the start of today’s board meeting.

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League InfoSight Announces ComplySight Enhancement, Complaint Management Capabilities Available at No Additional Cost

LANSING, Mich. League InfoSight, a collaborative effort of 15 credit union leagues/associations—including NJCUL—and the Credit Union National Association (CUNA), announced today that it has added the ability to log and manage complaints to ComplySight, its self-assessment tool credit unions can use to grade themselves on compliance with federal regulations.

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CFPB Issues Reg B Final Rule and Executive Summary

WASHINGTON – The Consumer Financial Protection Bureau (CFPB) has issued a final rule to amend Regulation B to provide creditors flexibility in complying with Regulation B in order to facilitate compliance with Regulation C and transition to the 2016 URLA. To support implementation of the rule, the Bureau has issued an Executive Summary.

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CUNA to Host Post-Data Breach Webinar w/ FS-ISAC

CUNA will join CUNA Mutual Group and the Financial Services Information Sharing Center (FS-ISAC) for a webinar Thursday on mitigating fraud risk in the wake of the Equifax data breach. Registration is now available for the call, which is open to CUNA and CUNA Mutual Group members only and is scheduled for 1 p.m. (ET) Thursday.

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Compliance: 'Mailbox rule' for TRID timing requirements

CUNA's compliance staff receives a number of questions about the TILA-RESPA integrated disclosure (TRID) rule, leading to publication of a recent CompBlog post addressing means of delivery and timing requirements for the Loan Estimate and Closing Disclosure forms.

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New Form I-9 Takes Effect Today

WASHINGTON -- Employers must begin using the new Form I-9 starting today. Form I-9 is used for verifying the identity and employment authorization of individuals hired for employment in the U.S. All employers must ensure proper completion of Form I-9 for each individual they hire for employment in the U.S. This includes citizens and non-citizens. The federal government released the new form on July 17, the second such update this year, according to the news Web site HR Dive.

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NCUA Sets Budget Briefing for Oct. 18

Draft Budget Available Week of Oct. 2; Deadline for Comments Oct. 27

ALEXANDRIA, Va. – The National Credit Union Administration will hold a public briefing on its proposed 2018–2019 budget on Wednesday, Oct. 18, from 2 p.m. to 4 p.m. Eastern in the agency’s boardroom in Alexandria, Virginia.

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Education Department Ends Pact with CFPB, Cites Improper Actions

WASHINGTON – The Education Department, in a recent letter to CFPB Director Richard Cordray, said the bureau violated terms of a partnership with the department regarding the sharing of federal student loan information and announced that the pact will be terminated.

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Deadline Approaching for CUs to File Claims in Home Depot Suit

Credit unions have until Sept. 14 to file a claim for payment under the settlement reached between plaintiffs and Home Depot in that data breach lawsuit. CUNA, as well as leagues and credit unions, are among the plaintiffs in the lawsuit, which stems from a 2014 data breach that compromised 56 million credit and debit cards.

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The Cost of Elder Financial Abuse Reported to Be 12 Times More Than Previously Believed

Over the past few years, a frequently cited estimate of the amount of money lost to elder financial abuse was $2.9 billion. This estimate included the caveat that the crime is largely underreported. A 2015 study by True Link reveals that elderly Americans lose $36.48 billion each year to financial abuse. This new study attempts to gather more of the unreported information and broaden the definition of elder abuse to include deceptive practices (even if technically legal).

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Why Bank Secrecy Act Reporting Matters

Credit union employees responsible for BSA compliance and reporting feel the burden of their work, but they don’t always see the connection to law enforcement actions. But BSA reporting does have real-world implications, according to FinCEN.

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The Final Countdown to Same-Day ACH: CUNA’s CompBlog Warns CUs Not to ‘Get Caught Flat Footed’

September 15 is almost upon us: the date of the second and most significant rollout of Same-Day ACH capabilities. If this comes as news to you, it’s safe to assume your credit union does not plan to originate Same-Day Debits for members in the early stages of its availability. This does not mean you’re able to sit on the sidelines as a spectator, however, CUNA’s latest CompBlog article points out.

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NCUA Grants $1.8M to Low-Income CUs

ALEXANDRIA, Va. – The NCUA awarded grants totaling more than $1.8 million to 251 low-income credit unions through the Community Development Revolving Loan Fund (CDRLF), the agency announced.

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CUNA Outlines way to Equitable, Proportional TCCUSF Refunds

CUNA followed up last week’s letter to NCUA on the closing of the Temporary Corporate Credit Union Stabilization Fund (TCCUSF) Tuesday with a letter on the agency’s proposal to update its share insurance rule in order to facilitate distribution of funds. Updating the rule addresses the only way allowed by the Federal Credit Union Act to distribute funds after closing the TCCUSF.

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CFPB Announces 2018 Reg. Z Thresholds

The Consumer Financial Protection Bureau (CFPB) announced 2018 thresholds applicable under Regulation Z last week. The bureau is required  to adjust on an annual basis certain thresholds under Regulation Z.

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Metsger: ‘We Will Carefully Weigh All Points of View’ on Stabilization Fund

Board Member Addresses NASCUS on Closure, Mergers Rule, Reorganization

SAN DIEGO, Ca. – National Credit Union Administration Board Member Rick Metsge reminded credit unions of the Sept. 5 deadline for submitting comments on the proposed plan to close the Temporary Corporate Credit Union Stabilization Fund and make a Share Insurance distribution in 2018, saying the agency “will carefully weigh all points of view.”

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