The Federal Reserve released the 7th Anniversary Issue of the Consumer Compliance Outlook. The issue only contains one article, entitled Managing Risk Throughout the Product Life Cycle and it describes a product-focused risk management framework largely through a UDAAP lens, which may be especially useful for credit unions considering the introduction of new products and services…. Read More »
The Military Lending Act (MLA), along with the Servicemember’s Civil Relief Act (SCRA), provides protections to our servicemembers. Both of these Acts were developed to help ease the legal and financial burdens on servicemembers actively serving our country and allow them to focus on their duties. The MLA came as result of the Talent-Nelson Amendment… Read More »
In order to cut expenses, credit unions have merged jobs and duties to the point that Compliance may oversee, or be part of, other departments or business units. This is akin to putting the kids in charge of the cookies. In order to develop or provide services to members, the compliance function may take a… Read More »
The NACHA rule change will enable ACH Originators that desire same-day processing the option to send same-day ACH transactions to accounts at any receiving financial institution (RDFI). The Rule includes a “Same-Day Fee” on each same-day ACH transaction so that RDFIs would recover, on average, their costs for enabling and supporting same-day ACH. The Rule… Read More »
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