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The Compass

  • 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
  • New Compliance Connection videos

    Aug
    05
    New Compliance Connection videos

    Two new videos have been posted to the Compliance Connection channel on You Tube: Part Two:  S. 2155 Economic Growth, Regulatory Relief, and Consumer Protection Act and Compliance Outlook – 2nd and 3rd Quarters of 2019.

    Posted By Bridget Bowles read more
  • CUNA updates MLA fee comparison spreadsheet

    Aug
    05
    CUNA updates MLA fee comparison spreadsheet

    The Credit Union National Association has updated its Military Lending Act fee comparison spreadsheet for the first quarter of 2019.  CUNA developed the spreadsheet to help credit unions determine which fees are considered “reasonable and bona fide” under the MLA.

    Posted By Bridget Bowles read more
  • BSA/AML Supervision joint statement

    Aug
    05
    BSA/AML Supervision joint statement

    As part of continuing efforts to improve transparency into their risk-focused approach to Bank Secrecy Act/Anti-Money Laundering supervision, the federal bank regulatory agencies and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued a joint statement.

    Posted By Bridget Bowles read more
  • Update on CECL delay and what’s ahead for Kansas and Missouri credit unions

    Jul
    19
    Update on CECL delay and what’s ahead for Kansas and Missouri credit unions

    With a new proposal from the Financial Accounting Standards Board (FASB), credit unions will likely have a delay in implementation for CECL – the Current Expected Credit Loss standard. On July 17, FASB agreed to propose a one-year delay in the implementation date for the CECL standard.

    Posted By Amy McLard read more
  • Mortgage Loan Materials for Members

    Jul
    01
    Mortgage Loan Materials for Members

    An educated consumer is a smart homebuyer.  Credit unions are encouraged to add the following resources to their educational outreach to members: Homebuying Process Video and a Mortgage Closing Checklist.

    Posted By Karen Baker read more
  • MLA Website Changes

    Jul
    01
    MLA Website Changes

    The Defense Manpower Data Center (DMDC) announced it would make significant changes to the Military Lending Act (MLA) website to enhance security of the site and better protect the personal information of servicemembers. All users of the site will be required to create user accounts and around mid-August 2019, existing MLA website users will be required to update their accounts.

    Posted By Karen Baker read more
  • Regulation CC Amendments Provide Adjustments for Inflation

    Jul
    01
    Regulation CC Amendments Provide Adjustments for Inflation

    The Federal Reserve Board and the Consumer Financial Protection Bureau have jointly issued a final rule that implements a statutory requirement to adjust for inflation every five years the amount of funds depository institutions must make available to their members/customers. The amendments apply in circumstances ranging from next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn. The first set of adjustments will be effective on July 1, 2020.

    Posted By Karen Baker read more
  • New Legal Opinions Available

    Jul
    01
    New Legal Opinions Available

    The HCUA Compliance Department, on behalf of our member credit unions, recently requested legal opinions regarding the following topics: E-Checks – Rejecting Individually or Refusing Entirely and Check Endorsement Area Issues (E-mail)

    Posted By Karen Baker read more

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