Mandatory Arbitration Clause Proposal

The CFPB released proposed rules prohibiting mandatory arbitration clauses in new contracts that deny groups of consumers class action options. The Rules would apply to most all consumer financial products and services that the CFPB oversees, including basic services – lending, storing, moving or exchanging money.  Under the Proposal, credit unions would still be able to include arbitration clauses in … Read More

Free Cybersecurity Risk Webinar

If it’s free, it’s me… The NCUA announced that it will host a Cybersecurity Risk Webinar on May 12th, at 11:00 PST.  The webinar is free. From the NCUA: Tim Segerson, Deputy Director of NCUA’s Office of Examination and Insurance, and William Myers, Director of NCUA’s Office of Small Credit Union Initiatives, will provide an overview of cybersecurity risks affecting … Read More

FFIEC Proposed changes to the Consumer Compliance Rating System

The Federal Financial Institutions Examination Council (FFIEC) agencies issued a proposed rule updating the Uniform Consumer Compliance Rating System.  This System has been in place since 1980.   No action is required on the part of the credit union, as this is currently a proposed amendment, and if enacted, would not institute new supervisory expectations. The FFIEC will accept comments … Read More

Interesting Reads

February’s Scientific American had an article titled Why Don’t People Manage Debt Better. This is a must read for Marketing folks. Mind you, this is not a compliance article but a discussion on how people do not effectively manage debt. The article provides a summary of experiments the researchers ran on the interpretation of advertisements and which ads would invoke … Read More