Remittance Transfer Rule

On May 11, the CFPB issued its Final Rule on Regulation E’s remittance transfers requirements, effective July 21, 2020. In advance of the expiration of a statutory exception in July 2020, the Final Rule amendments allow financial institutions to provide estimates of certain fees and the exchange rates related to remittance transfers if they meet certain conditions. The Final Rule … Read More

Remittance Transfers

Unless the CFPB extends or removes the expiration of allowing estimates for remittance transfers, financial institutions will need to make sure their disclosures reflect the actual terms of any remittance transfer. Remind me The requirements for remittance transfer disclosures, under Regulation E, include the ability to estimate certain information included on the pre-payment, receipt, or combined disclosures required for remittance … Read More

Virtual & Hybrid Membership Meetings B-17-17 & I-17-04

On January 4, 2018 the DCU released (revised) Bulletin B-17-17 and Revised Interpretive Letter I-17-04, regarding virtual and hybrid annual or special membership meetings.  The Bulletin and Interpretive Letter were originally released on November 20, 2017, and then immediately pulled from the DCU’s website.  The new releases amend the information regarding these types of meetings, and should be referred to. … Read More

Customer-Authorized Financial Data Sharing and Aggregation

The CFPB released its outline of principles for protecting consumers when they authorize third party companies to access their financial data to provide certain financial products and services (think – digital wallets).  The principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater control of their … Read More

Home Depot Suit Deadline Soon

From CUNA: Credit unions have until Sept. 14 to file a claim for payment under the settlement reached between plaintiffs and Home Depot in that data breach lawsuit. CUNA, as well as leagues and credit unions, are among the plaintiffs in the lawsuit, which stems from a 2014 data breach that compromised 56 million credit and debit cards. A website is … Read More

NCUA Has Disaster Resources

The National Credit Union Association released the following, in preparation for Hurricane Irma.  While, thankfully, we are not inline for Irma, those of us in the Pacific Northwest do occasionally experience disasters.   NCUA Has Disaster Resources for Areas Affected by Hurricane Irma ALEXANDRIA, Va. (Sept. 7, 2017) – The National Credit Union Administration recognizes the serious threat Hurricane Irma poses … Read More

FFIEC Industry Outreach Website

The Federal Financial Institutions Examination Council (FFIEC) announced the launch of a new Industry Outreach website designed to share information about financial institution supervision with financial institutions, regulators, the public and other stakeholders, and to provide updates to supervisory guidance and regulations. The website also provides access to upcoming FFIEC-sponsored webinars and includes archived webinars, such as the Military Lending … Read More

GTO & FIN-2017-A003

On August 22, 2017, FinCEN issued Geographic Targeting Orders directed at title insurance companies and properties in areas of Texas, Florida, New York, California and Hawaii. While financial institutions have no requirements related to this GTO, FinCEN simultaneously issued FIN-2017-A003, Advisory to Financial Institutions and Real Estate Firms and Professionals. FinCEN’s press release explains that it published the Advisory “to … Read More

Oregon Data Match Requirements

Oregon Financial Institutions will need to abide by the new requirements of the data match system by July 1, 2018.  The data match system is a mandatory scrub of accounts against a state provided list of names and social security numbers of delinquent debtors (having a Department of Revenue warrant). The State will reimburse financial institutions for participating in the … Read More