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The Compass

  • Arbitration Rule Repealed

    Nov
    06
    Arbitration Rule Repealed

    President Trump signed a resolution nullifying the Consumer Financial Protection Bureau’s Arbitration Rule which would have prevented credit unions from using pre-dispute arbitration clauses that bar consumers from bringing class action lawsuits against financial institutions. This is a victory for credit unions!

    Posted By Susan Dyer read more
  • 20+ Compliance Resources At Your Fingertips

    Nov
    03
    20+ Compliance Resources At Your Fingertips

    We've updated our Compliance resources cheat sheet with more than 20 websites (including state specific sites). 

    Posted By Susan Dyer read more
  • Payday Lending Final Rule Analysis Now Available

    Nov
    02
     Payday Lending Final Rule Analysis Now Available

    The Credit Union National Association has published a Final Rule Analysis of the Consumer Financial Protection Bureau’s Payday Lending Rule. The final rule exempts loans issued in accordance with the National Credit Union Administration’s Payday Alternative Loan program for federally-chartered credit unions, as well as most accommodation loans.  
     

    Posted By Susan Dyer read more
  • Missouri Credit Unions – Garnishment Form Change

    Nov
    02
    Missouri Credit Unions – Garnishment Form Change

    A slight change was made to the Missouri Interrogatories to Garnishee. The new form states you are to file a certificate of service with the court rather than providing a copy of the interrogatories to the attorney for the judgment creditor (or the judgment creditor individually if there is no attorney).

    Posted By Susan Dyer read more
  • Compliance Council: Connect & Share For Free

    Nov
    01
    Compliance Council: Connect & Share For Free

    Building connections is important. We hear you! We've made it easier for you to connect with your Compliance peers -- your Council membership is now free! Zero. Zip. Nada. FREE.

    Posted By Susan Dyer read more
  • MLA Credit Card “Reasonable” and Bona Fide Fee Interactive Spreadsheet

    Sep
    29
    MLA Credit Card “Reasonable” and Bona Fide Fee Interactive Spreadsheet

    ​The Credit Union National Association developed a free interactive spreadsheet used to determine which credit card fees are “reasonable and bona fide” under the Military Lending Act. The spreadsheet significantly reduces the time required to make the determination.

    Posted By Susan Dyer read more
  • Need a Policy...or an Entire Policy Manual? CU PolicyPro to the Rescue

    Sep
    28
    Need a Policy...or an Entire Policy Manual? CU PolicyPro to the Rescue

    CU PolicyPro is an online credit union policy resource tool, allowing you to research and download a single model policy, multiple model policies or a complete policy manual. The best part? It's a benefit of membership!

    Posted By Susan Dyer read more
  • KDCU & NCUA Changes to the Sept. 30, 2017 Call Report Process

    Sep
    27
    KDCU & NCUA Changes to the Sept. 30, 2017 Call Report Process

    The Kansas Department of Credit Unions and National Credit Union Administration have both made changes to the September 30, 2017 Call Report process. 

    Posted By Susan Dyer read more
  • New “Account Owner Deceased/Funds Payable to Estate” Legal Opinions Available

    Aug
    31
    New “Account Owner Deceased/Funds Payable to Estate” Legal Opinions Available

    When an account owner dies and there are no joint owners or payable on death beneficiaries, there are a number of probate procedures that can arise in order to facilitate legally disbursing the decedent’s funds to the proper payee. Our compliance team has opinions about this topic for both Kansas and Missouri credit unions.

    Posted By Paige Sigars read more
  • CFPB Raises HMDA HELOC Reporting Threshold

    Aug
    28
    CFPB Raises HMDA HELOC Reporting Threshold

    The Consumer Financial Protection Bureau issued a rule amending the Home Mortgage Disclosure Act that raises the Home Equity Line of Credit reporting threshold for 2018 and 2019 from 100 loans to 500 loans. The rule also includes some technical corrections and minor changes such as clarifying terms.

    Posted By Paige Sigars read more

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