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Posted: Dec 13, 2018
Categories: Regulations, Consulting
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Trellance’s Compliance Corner, a thought leadership spotlight on topics relevant to compliance officers and credit union executives, has covered a lot of ground in 2018.

Back in January, we noted that Reg Z fees, which dictate the maximum a credit union can charge for penalty fees, such as late fees,  remained the same from 2017.

In March, we covered CECL, or Current Expected Credit Loss, a new accounting standard which will result in most credit unions increasing loan loss reserves by looking forward and predicting the potential for write-offs. This is an area where data analytics can help credit union executives make more accurate predictions, thus lowering the need for high reserves.

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Posted: Dec 6, 2018
Categories: Regulations
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The Payments Review compliance feature occasionally highlights regulatory topics important to credit unions.

Federal regulators are reaching out and helping credit unions and community banks with a series of changes.


On October 3, 2018, Federal regulators ruled that credit unions and community banks can pool resources for anti-money laundering. The Wall Street Journal, citing a statement from the Federal Reserve, the Federal Deposit Insurance Corp., the Treasury Department, the Office of the Comptroller of the Currency and the National Credit Union Administration, reported that the decision was borne out of a working group that the agencies created to improve anti-money laundering processes. The decision is a more significant attempt to help strengthen money laundering defense in the US. However, the sharing of resources does not alleviate the responsibilities of the individual institution. It should also be noted that this does not change the existing legal and regulatory requirements. Additionally, if an institution decides to share resources, it should be done in the same manner as any other business relationship.

 

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Posted: Nov 14, 2018
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ThePaymentsReview compliance feature occasionally highlights regulatory topics important to credit unions

On October 17, 2018, Acting Director of the Bureau of Consumer Financial Protection (BCFP) (previously the Consumer Financial Protection Bureau - CFPB), Mick Mulvaney, announced at the Mortgage Bankers Association, that the Bureau has set out on an agenda to better define the term “Abusive” in the Unfair, Deceptive, and Abusive Acts or Practices (UDAAP).

 

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Posted: Aug 28, 2018
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[Editor’s Note: Content from this article was previously published on CUToday, and has been modified]

For as long as payments have been around, there has been constant opportunities to invest in card programs to remain relevant by increasing member engagement and attracting new members. Given the continuous rise in the costs of running a successful card program, it is essential to make the time to complete an in-depth review periodically to ensure a smooth running and profitable program.

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Posted: Jul 18, 2018
Categories: Regulations
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ThePaymentsReview continues a new feature that highlights regulatory topics important to credit unions.

When one thinks of ADA accessibility, sidewalk ramps, disabled parking spaces, and wheel chair access immediately comes to mind. What about websites?

The Americans with Disabilities Act (ADA) sets standards for accessibility for people with disabilities to all commercial and public entities that have “places of public accommodation”. In 2010, the Department of Justice proposed that the definition of places of public accommodation could include the internet, and hence, websites of commercial and public entities.

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