NAFCU’s award-winning compliance team offers resources to all federally insured credit unions, keeping credit unions informed of the ever-changing regulatory environment. Each month, the team answers hundreds of compliance-related questions from NAFCU members and also publishes weekly blogs on key issues. Here were the five most popular topics in the month of June.
Recent funds availability FAQs: NAFCU Regulatory Compliance Counsel Reginald Watson answers questions on Regulation CC’s funds availability requirements and disclosure rules. He addresses questions on specific notices on deposit receipts and whether a credit union may make funds available immediately. Read the blog post here.
Debt collection call limits: Referencing a recent NAFCU Regulatory Alert on the CFPB’s proposed rule amending Regulation F that implements the Fair Debt Collection Practices Act (FDCPA), NAFCU Regulatory Compliance Counsel David Park addresses how Section 1006.14 of the proposed regulation and the FDCPA generally prohibit debt collectors from engaging in conduct that harasses, oppresses, or abuses any person in connection with the collection of a debt.
Overdraft: As overdraft continues to be a hot compliance topic, NAFCU Vice President of Regulatory Compliance Brandy Bruyere blogs on a recent FDIC report, highlighting overdraft fees in the context of Section 5 of the Federal Trade Commission Act (unfair/deceptive acts or practices). Bruyere also discusses litigation risk and other information credit unions can utilize when reviewing their overdraft programs.
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