DCU Bulletin B-16-16 Practice of Using Power of Attorney for Vehicle Loans

On September 28, the DCU released Bulletin B-16-16 regarding the use of Power of Attorneys for vehicle loans.  The DOL will now require a separate power of attorney to be signed by the member, not an employee of the credit union, using general power of attorney language contained within consumer loan agreements. Practice of Using Power of Attorney for Vehicle … Read More

Redesigned Uniform Residential Loan Application – UPDATED

The Federal Housing Finance Agency (FHFA) issued a notice regarding publication of the redesigned Uniform Residential Loan Application (URLA) form. According to the FHFA, “although final implementation of the new loan application is still more than a year away, and the application must still undergo “safe-harbor” review by the Consumer Financial Protection Bureau, we anticipate that publication of the redesigned … Read More

DCU Bulletin B-16-14 Electronic Payment Systems Exams

The Division of Credit Union (Division) announced that it is enhancing its safety and soundness examinations to include Electronic Payment System (EPS) reviews. EPS exams will be performed by Division examiners beginning in 2017. The Division will perform one or two pilot test payment system exams at credit unions in the fourth quarter of 2016 before implementing its new EPS … Read More

FFIEC Revised Information Security Booklet

The Federal Financial Institutions Examination Council (FFIEC) has revised the “Information Security” booklet of the FFIEC Information Technology Examination Handbook (IT Handbook). The “Information Security” booklet is one of 11 that make up the IT Handbook. The revised “Information Security” booklet provides guidance to examiners and addresses factors necessary to assess the level of security risks to a financial institution’s information systems. … Read More

Voluntary Diversity and Inclusion Policies and Practices Checklist (16-CU-05)

The NCUA issued a Letter to Credit Unions (16-CU-05) regarding voluntary diversity and inclusion polices.  If you remember, back in June 2015, the banking brotherhood (NCUA, FDIC, ect.) issued final standards for voluntary assessment of diversity policies and practices in regulated entities.  We blogged about it on our SharePoint site and it is reprinted below. The diversity policies and practices is … Read More

August Compliance Recap

August’s compliance recap, with a summary of regulatory issues that might impact the credit union, is available here.

MLA Interpretive Rule

The Department of Defense released its anticipated Guidance in regards to the new Military Lending Act requirements, effective October 3, 2016.  The Guidance is in the form of questions and answers, which are replicated below.  The Guidance is an Interpretive Rule, and will be published in the Federal Register and effective August 26, 2016. While the questions do address whether the … Read More

NACHA Third-Party Sender Registration Requirements

Effective September 29, NACHA’s Third-Party Sender Registration Rule will go into effect, and require that originating depository financial institutions (ODFI) submit and maintain information on every third-party sender with which it maintains a relationship.  A third-party sender is a processing intermediary between a financial institution and an end-user of ACH payments.  The Rule will require ODFIs to provide information regarding … Read More

Student Loan Servicing – Fix It Form

The CFPB has developed a “Fix It Form” that credit unions that service student loans may see. On August 18, the CFPB released the Form, along with a press release and the Loan Ombudsman’s Midyear Report, in response to complaints borrowers have with using income-driving repayment plans tied to their federal student loans. The press release and report summarizes complaints … Read More

Update to Consumer Complaint Process for Washington State

The Division of Credit Unions released Bulletin B-16-10 to announce that they will be transitioning to encrypted emails for notifying credit unions of filed complaints. Credit unions should submit point of contacts to receive complaint notifications from the DCU by September 15, as instructed in the Bulletin. Consumer Complaints – Electronic Communication The Division of Credit Unions (Division) is pleased … Read More