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The Compass

  • 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
  • Regulation Z annual inflation-based dollar amount threshold adjustments

    Sep
    03
    Regulation Z annual inflation-based dollar amount threshold adjustments

    The Consumer Financial Protection Bureau (CFPB) recently issued its annual inflation-based adjustments of certain dollar amount thresholds for transactions covered under Regulation Z/Truth in Lending.  The adjustments are based on the annual percentage change reflected in the Consumer Price Index in effect on June 1, 2019, and will become effective on January 1, 2020. 

    These revised thresholds include:

    Posted By Karen Baker read more
  • Overdraft and NSF fee litigation resources

    Sep
    03
    Overdraft and NSF fee litigation resources

    Overdraft and Non-Sufficient Funds Fee lawsuits have plagued the financial services industry over the last few years and now, more than ever, credit unions are being targeted. Plaintiff attorneys are aggressively seeking credit union members via websites and social media outlets. These lawsuits cause reputational harm, not only to impacted credit unions, but to our industry as a whole. And if successful, damages can be significant.

    Posted By Karen Baker read more
  • NCUA guidance on serving hemp businesses

    Sep
    03
    NCUA guidance on serving hemp businesses

    Federally-insured credit unions may provide certain financial services to legally operating hemp businesses under new guidance published by the National Credit Union Administration.

    Posted By Bridget Bowles read more
  • New Legal Opinions Available

    Sep
    03
    New Legal Opinions Available

    The HCUA Compliance Department, on behalf of our member credit unions, recently requested legal opinions regarding the following topics:

    Overdraft and NSF Fees Litigation (White Paper)

    Posted By Bridget Bowles read more
  • Regional Compliance Updates a big success!

    Sep
    03
    Regional Compliance Updates a big success!

    The recent Regional Compliance Updates were a big success! These sessions were held in six locations across Missouri and Kansas during the months of July and August. One hundred employees from 58 credit unions attended.

    Posted By Bridget Bowles read more
  • CECL delay to 2023 proposed, comments due Sept. 16

    Aug
    16
    CECL delay to 2023 proposed, comments due Sept. 16

    The Financial Accounting Standards Board has issued its proposal on giving certain entities, including credit unions, additional time to implement the current expected credit loss (CECL) standard. The proposal would delay implementation of CECL as it applies to credit unions to January 2023. Comments on the proposal are due Sept. 16.

    Posted By Susan Dyer read more
  • New Legal Opinions Available

    Aug
    06
    New Legal Opinions Available

    On behalf of our member credit unions, our Compliance department recently requested legal opinions regarding the following topics:

    • Closing Accounts & Notice Requirements
    • Electronic Signatures and Recordings (White Paper)
    Posted By Bridget Bowles read more

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