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The Compass

  • Happy Holidays video from Lisa, Karen and Sarah!

    Jan
    02
    Happy Holidays video from Lisa, Karen and Sarah!

    Best wishes for a compliant 2019!

    Posted By Bridget Bowles read more
  • You Say “BCFP,” I Say “CFPB”

    Jan
    02
    You Say “BCFP,” I Say “CFPB”

    According to Politico, Kathy Kraninger, the new director of the Consumer Financial Protection Bureau (CFPB), is reversing the name change that her predecessor, Mick Mulvaney, tried to impose on the agency.

    Posted By Bridget Bowles read more
  • Consumer Compliance Webinars and Compliance Newsletter

    Jan
    02
    Consumer Compliance Webinars and Compliance Newsletter

    The annual Interagency Fair Lending Hot Topics was recently offered on the Federal Reserve's webinar series Consumer Compliance Outlook and is now available in the webinar archive, along with other webinars. 

    Posted By Bridget Bowles read more
  • FCC Approves Creation of Re-assigned Numbers Database

    Jan
    02
    FCC Approves Creation of Re-assigned Numbers Database

    ​The Federal Communications Commission adopted new rules to create a re-assigned numbers database to help reduce unwanted calls to consumers.

    Posted By Bridget Bowles read more
  • CFPB Releases Final Policy Guidance Regarding HMDA Data Points

    Jan
    02
    CFPB Releases Final Policy Guidance Regarding HMDA Data Points

    The Consumer Financial Protection Bureau (CFPB) released final policy guidance describing the Home Mortgage Disclosure Act (HMDA) data the Bureau intends to make available to the public in 2019.

    Posted By Bridget Bowles read more
  • FATCA W-9 Issue

    Jan
    02
    FATCA W-9 Issue

    Our HCUA Compliance team has heard from multiple credit unions who have received a request from Progressive Insurance to complete a Form W-9 to comply with the Foreign Account Tax Compliance Act. Colleen Kelly, CUNA’s Senior Federal Compliance Counsel, contacted Progressive on behalf of our industry. Progressive confirmed they are collecting a W-9 form from every entity that may receive funds, including lienholders of insured collateral. This regulation continues to evolve and although Progressive may be casting a wide net to ensure compliance, CUNA is recommending credit unions complete the Form W-9 or risk back-up withholding. 

    Posted By Bridget Bowles read more
  • New Legal Opinions - Garnishments and Check Deposit

    Jan
    02
    New Legal Opinions - Garnishments and Check Deposit

    Our HCUA Compliance Department, on behalf of our member credit unions, recently requested legal opinions regarding garnishments and check deposits when the payee is blank. 

    Posted By Bridget Bowles read more
  • Foreign Account Tax Compliance Act W-9 Issue

    Dec
    15
    Foreign Account Tax Compliance Act W-9 Issue

    Our Compliance team has heard from multiple credit unions who have received a request from Progressive Insurance to complete a Form W-9 to comply with the Foreign Account Tax Compliance Act (FATCA). We reached out to CUNA to get a recommended action for credit unions to take. 

    Posted By Bridget Bowles read more
  • Payday Lending Rule Implementation Date to be Delayed

    Nov
    29
    Payday Lending Rule Implementation Date to be Delayed

    A judge in the U.S. District Court for the Western District of Texas ordered a stay of the implementation date of the Bureau of Consumer Financial Protection's Payday Lending Rule. The rule was scheduled to go into effect in August 2019 but the BCFP said it intends to issue a proposed rule in January that will delay the effective date.

    Posted By Bridget Bowles read more
  • NCUA Share Insurance Webinars

    Nov
    29
    NCUA Share Insurance Webinars

    Share insurance is a fundamental part of the nation’s credit union system. The National Credit Union Administration (NCUA) recently hosted two share insurance webinars where credit union professionals learned more about how coverage works. Archived versions of both webinars are now available.

    Posted By Bridget Bowles read more

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