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

August Legislative Recap

August’s Legislative Recap is now available.  Let us know if you have any questions. Passwords to access the blog posts, and blog posts are only for CSG owners and retained clients. These should not be shared outside of the organization. Blog posts generally contain only a summary of any requirements, and do not represent all potential impact on the organization. … Read More

Adequate Controls in Place?

The FDIC shared a Department of Justice report on a credit union employee, and her on-line boyfriend, Phillip Cook, fraudulently obtaining more than 30 lines of credit worth over $2.6 million.  The employee, Indira Mohabir, was a business loan processor at Western Federal Credit Union, and opened lines of credit without necessary oversight and approval from the credit union.  “In exchange … 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

July Recap

July’s Legislative Recap has been uploaded here.  Let us know if you have questions.  

Pay-by-Phone Fees Could Lead to UDAAP Violations

On July 27, 2017 the CFPB issued Compliance Bulletin 2017-01:  Phone Pay Fees, reminding companies that misleading consumers about fees associated with payments over the telephone may be deemed as UDAAP violations. The Bulletin states, that depending on the facts and circumstances, the following may constitute UDAAP violations: Failing to disclose the prices of all available phone pay fees when … Read More

WA DCU Bulletin B-17-14 Website Accessibility and Compliance with the Americans with Disabilities Act

On July 25, the DCU released Bulletin B-17-14, reminding credit unions that their website should be accessible to persons with disabilities.  This was probably from the DOJ changing the rule making priority status on “Nondiscrimination on the Bases of Disability; Accessibility of Web Information and Service of Public Accommodations” to inactive on its most recent priorities update. *  *  * … Read More

NCUA Stabilization Fund Proposed Closure

From the NCUA – NCUA Board seeks comment on Stabilization Fund Closure and Share Insurance Fund Normal Operating Level Credit union system stakeholders are invited to comment on NCUA’s proposed plan to close the Stabilization Fund in 2017. To facilitate the closure and ensure the Share Insurance Fund has sufficient equity to absorb potential losses on NCUA’s claims against the … Read More

W-2 and 1099-MISC Filing Dates Change

The Internal Revenue Service has published [82 FR 33441] final and temporary rules effective immediately affecting the due dates for submission of certain information returns. Among the changes are a new due date of January 31 for information returns in the W-2 series and Forms 1099-MISC. The changed deadlines are meant to reduce the IRS’s exposure to paying tax refunds early … Read More