Compliance/Regulation Archives

HFSC passes CUNA-backed BSA, flood, financial literacy bills

HFSC passes CUNA-backed BSA, flood, financial literacy bills

The House Financial Services Committee passed four CUNA-supported bills at the conclusion of a two-day markup Wednesday. CUNA wrote Tuesday in support of the bills, which cover the Bank Secrecy Act, the National Flood Insurance [...]

Legislation would require 7-year review of existing financial regs

Legislation would require 7-year review of existing financial regs

CUNA wrote in support of the Comprehensive Regulatory Review Act (H.R. 3198) Wednesday, a bill introduced by Reps. Barry Loudermilk (R-Ga.) and Josh Gottheimer (D-N.J.). “CUNA supports the Comprehensive Regulatory Review Act, which [...]

CECL ‘stop and study’ bill introduced in House

CECL ‘stop and study’ bill introduced in House

A bipartisan group of 10 representatives – led by House Financial Services Committee Member Vicente Gonzalez, D-Texas – has introduced legislation to halt the implementation of the current expected credit loss (CECL) standard and require regulators to [...]

Committee passes bill w/ $300M for CDFI Fund, $2M for CDRLF

Committee passes bill w/ $300M for CDFI Fund, $2M for CDRLF

CUNA supported appropriations levels for two credit union-related funds in the Financial Services and General Government (FSGG) Act for Fiscal Year 2020 in a letter to House Appropriations Committee leadership Tuesday. The committee passed the [...]

Senators release draft of bipartisan BSA/AML reform bill

Senators release draft of bipartisan BSA/AML reform bill

A bipartisan group of senators has released draft legislation to reform aspects of the Bank Secrecy Act (BSA), specifically targeted at anti-money laundering (AML)-combating the financing of terrorism (CFT) requirements. The draft comes as [...]

Berger to lawmakers: Bankers’ attacks have no merit

Berger to lawmakers: Bankers’ attacks have no merit

In response to attacks from the Independent Community Bankers of America (ICBA) challenging credit unions' federal tax exemption and the NCUA's actions as an independent regulator, NAFCU President and CEO Dan Berger hit back, arguing [...]

Should your credit union move to managed patching?

Should your credit union move to managed patching?

There are plenty of odious tasks in the credit union industry. That goes double for operations staff. But few of those tasks are worse than patching. That’s why managed patching services exist for credit [...]

Recent funds availability FAQs

Recent funds availability FAQs

Whether driven by inventive fraud schemes or the Federal Reserve’s reopening of a 2011 proposal, we have seen an uptick in questions from credit unions related to Regulation CC’s funds availability requirements over [...]

2-day CUAC meeting features remittance, debt collection talks

2-day CUAC meeting features remittance, debt collection talks

CUNA attended the two-day meeting of the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council Wednesday and Thursday. The CUAC advises the bureau on regulating consumer financial products or services, from the perspectives [...]

Mortgage lender fined $1.75M for inaccurate HMDA data

Mortgage lender fined $1.75M for inaccurate HMDA data

The CFPB has fined Freedom Mortgage Corporation $1.75 million for filing inaccurate Home Mortgage Disclosure Act (HMDA) data. Freedom is one of the 10 largest HMDA reporters in the nation. In a release, the [...]

FCC call-blocking rule includes relief for legitimate callers

FCC call-blocking rule includes relief for legitimate callers

The Federal Communications Commission (FCC) Thursday voted to approve its default call-blocking order, which includes a CUNA-supported mechanism for challenging erroneous call blocking. CUNA is concerned the order will lead to credit unions being unable [...]