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The Compass

  • New legal opinion available

    Oct
    30
    New legal opinion available

    On behalf of our member credit unions, our Compliance team recently requested legal opinions regarding Unclaimed Property. 

    Posted By Karen Baker read more
  • New fidelity bond requirements now in effect

    Oct
    30
    New fidelity bond requirements now in effect

    The National Credit Union Administration recently approved a final rule that amends fidelity bond requirements to better ensure safe and sound credit union operations and protect the National Credit Union Share Insurance Fund (NCUSIF).  The rule was effective October 22, 2019 and applies to all federally-insured credit unions. 

    Posted By Karen Baker read more
  • DOL issues final overtime rule

    Oct
    30
    DOL issues final overtime rule

    The U.S. Department of Labor recently issued a final rule to update the earnings thresholds necessary to exempt executive, administrative and professional employees from the Fair Labor Standards Act’s minimum wage and overtime pay requirements. The final rule is effective January 1, 2020

    Posted By Karen Baker read more
  • CFPB issues SAFE Act amendment FAQs

    Oct
    30
    CFPB issues SAFE Act amendment FAQs

    The Consumer Financial Protection Bureau has published a set of frequently asked questions regarding the Secure and Fair Enforcement for Mortgage Licensing Act and the impact of amendments made by the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (S. 2155) that go into effect on November 24, 2019. 

    Posted By Karen Baker read more
  • NCUA issues final appraisal rule

    Oct
    30
    NCUA issues final appraisal rule

    The National Credit Union Administration (NCUA) approved a final rule that amends the real estate appraisal requirements for certain transactions.

    Posted By Karen Baker read more
  • CFPB issues final HMDA rule

    Oct
    30
    CFPB issues final HMDA rule

    The Consumer Financial Protection Bureau released a Home Mortgage Disclosure Act final rule that extends the 500 open-end line of credit threshold until January 1, 2022.  The final rule does not extend the increased threshold permanently or address the closed-end threshold at all, so the CFPB has essentially delayed making a final decision. 

    Posted By Karen Baker read more
  • We want YOU to be a Compliance Council leader

    Oct
    30
    We want YOU to be a Compliance Council leader

    Do you have great ideas for the Compliance Council?  Have you dreamed of stepping into a leadership role?  Here’s your chance!  Nominate yourself or someone else before November 8. 

    Posted By Karen Baker read more
  • NCUA approves several new final rules

    Oct
    01
    NCUA approves several new final rules

    At a recent Board meeting, the National Credit Union Administration (NCUA) approved three new final rules. (1) Additional Payday Alternative Loans, (2) Bylaws Changes and (3) Simplified Supervisory Committee Audits.

    Posted By Bridget Bowles read more
  • FinCEN Expects Credit Unions to Report Cyber-Crime Indicators

    Oct
    01
    FinCEN Expects Credit Unions to Report Cyber-Crime Indicators

    The Financial Crimes Enforcement Network is cautioning financial institutions to report all cyber-crime indicators, as described in the agency’s 2016 Frequently Asked Questions (FAQs).  You can also expect examiners to ask about your efforts to combat this growing criminal trend. 

    Posted By Bridget Bowles read more
  • Cannabis Conference a Big Success!

    Oct
    01
    Cannabis Conference a Big Success!

    The Cannabis Conference recently held at the beautiful Canterbury Hill Winery in Holts Summit, Missouri was a big success!  Fifty-one attendees from 30 credit unions heard from experts across the country.  Presenters were highly rated and covered the following:

    Posted By Bridget Bowles read more

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