Ask the CFPB

The CFPB has created a new online form for asking informal staff guidance on questions about CFPB regulations.  From the CFPB’s page: The Bureau’s Office of Regulations offers financial institutions, service providers, and others informal staff guidance on specific questions about the Bureau’s regulations. The Bureau also makes available on its website extensive written implementation and guidance materials, which answer … 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

Operation Chokepoint is Officially Choked Out

In an August 16, 2017, letter to the Judiciary Committee, the Department of Justice stated that “All of the Department’s bank investigations conducted as part of Operation Chokepoint are not over, the initiative is no longer in effect, and it will not be undertaken again.” Operation Chokepoint was the brainchild of the Department of Justice to curtail legal but disfavored … Read More

Mandatory Arbitration Clauses

The CFPB has issued a new rule to ban companies from using mandatory arbitration clauses to deny consumers access to class action lawsuits. Companies that use mandatory arbitration clauses can make it financially impractical for the average consumer to sue, thus avoiding both the costs and potential court orders to cease the practices in question. The CFPB said its new rule … Read More

June 2017 Regulatory Recap

June’s recap is available at:  https://complianceservicesgroup.com/wp-content/uploads/2017/07/LEGISLATIVE-UPDATE-June-2017.docx. Passwords to access the blog posts, and blog posts are only for NWCG owners and retained clients. These should not be shared outside of the credit union. Blog posts generally contain only a summary of any requirements, and do not represent all potential impact on the credit unions. For further details on any blog … Read More

NASCUS & DFI Credit Union Executive Forum

On March 24, the DCU published bulletin B-17-08 regarding the NASCUS & DFI Credit Union Executive Forum on May 23, in SeaTac, WA.  The bulletin is reprinted below. NASCUS & DFI Credit Union Executive Forum, May 23, 2017 Still time to register for the CU Executive Forum Tuesday, May 23 in SeaTac, WA You still have time to register for the … Read More

February Legislative Recap

Follow this link to view the February 2017 Legislative Recap summary. Let us know if you have questions.

2017 Exam Focus

The NCUA released Letter No. 17-CU-01, which describes their supervisory priorities for 2017. The primary areas of focus are: Cybersecurity Assessment. Credit unions are encouraged to use the Cybersecurity Assessment Tool, and examiners will continue to evaluate the credit unions’ cybersecurity risk management practices. Bank Secrecy Act Compliance. As always, BSA is a hot topic. Additional focus will be on … Read More