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

April Legislative Recap

April’s legislative recap is now available. Please let us know if you have any questions.  

Washington Credit Union Act Update

On April 19, Governor Inslee signed Senate Bill 5144, modernizing the state’s Credit Union Act.  Provisions of the Act include: Corrected the use of “director” in the rule’s text.  (Director was/is defined as the ‘director of financial institutions’, but was previously used in text of the rule to mean a credit union official in some instances, and the director of … Read More

593 Pages of CHOICE

The discussion draft of the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act was released on April 19, 2017.  A hearing on the draft is scheduled for April 26 at 10:00 a.m. Eastern time and will be streamed live on the House Financial Services Committee’s Website. Provisions in the Act that impact credit unions include: requiring … Read More

NCUA’s Videos on Effective Board Meetings

From NCUA.gov – ALEXANDRIA, Va. (April 5, 2017) – Are your credit union’s board meetings as effective as they could be? The National Credit Union Administration today released its new video series, “Effective Board Meetings,” aimed at helping credit union directors make the best use of their meetings. This four-part series features different examples of well-run and poorly run board … Read More

NCUA SL 17-01 Updated Compliance Risk Indicators

On March 29, 2017, NCUA released a supervisory letter in a Letter to Credit Unions (17-CU-02) that provides an updated list of Compliance Risk Indicators. The updated list builds upon the previous guidance issued in a 2002 Letter to Credit Unions. NCUA notes that the “updated list of indicators does not impose any new or higher supervisory expectations to credit unions.” … Read More

WF Sales Practices Investigation Report

Wells Fargo released their Independent Directors of the Board of Wells Fargo & Company Sales Practices Investigation Report.  The report is a recommended read for anyone involved, including the board of directors, with setting, maintaining, or reviewing incentive programs for the credit union. From the report, the principal findings include: The root cause of sales practice failures was the distortion of … Read More

March Update

March’s legislative update is available here.

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