News

Compliance News

  • Credit Union Magazine is now accepting nominations for the ninth annual Credit Union Rock Stars program, sponsored by Fiserv. Credit Union Rock Stars are professionals and volunteers who leverage creativity, innovation and passion to advance their credit union’s mission and elevate their community.
  • The NCUA Board will publish an interim final rule Monday making two temporary changes to its PCA regulations to help ensure that federally insured credit unions remain operational and liquid during the COVID-19 pandemic. A similar rule expired at the end of 2020.
  • CUNA rounds out the Associate Business Membership Advisory Committee with representation from Elite level member, CO-OP Financial Services. The committee will provide advice, guidance and strategic direction to CUNA for engaging as an associate business member.
  • 2021 CDRLF grant round opens May 3

    Low-income-designated credit unions seeking Community Development Revolving Loan Fund grants in 2021 will be able to apply between May 3 and June 26. The agency will administer approximately $1.5 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds.
  • The NCUA board will be briefed on an interim rule involving Prompt Corrective Action (PCA) at its April 22 meeting. CUNA and Leagues have heavily engaged NCUA on the need for PCA flexibility, and NCUA Chairman Harper indicated relief would be coming shortly.
  • Credit unions are concerned that non-regulated companies are engaged in financial activities by offering products and services that are traditionally offered by credit unions and banks without being subject to robust consumer protection laws and regulations.
  • The CU CEI Collective launched its new website Thursday. The updated website is designed to build a robust collection of DEI resources and opportunities available to all members and supporters of the credit union family.
  • CUNA has received its third nomination for the District 6, Class B CUNA Board special election, from Nader Moghaddam, president/CEO, Financial Partners CU, Downey, Calif. All nominations and seconds must be submitted by 5 p.m. (ET) April 22.
  • Credit union loans outstanding increased 0.2% in February, compared to a 0.2% decrease in January of 2021 and a 0.2% increase in February of 2020, according to CUNA’s latest Monthly Credit Union Estimates. The monthly report has been updated with a new look for 2021.
  • Credit union leaders who want to know if their business continuity plan adequately addresses unknown contingencies and relevant requirements can find out at CUNA Business Continuity eSchool, to be held in five sessions May 3 through June 6.
  • NCUA released its Office of Minority and Women Inclusion annual report Wednesday detailing the agency’s progress in 2020 in advancing diversity, equity, and inclusion in its workforce. The report also highlights the agency’s efforts to ensure fair and inclusive business practices.
  • This report describes our fair lending activities in supervision, enforcement, guidance and rulemaking, interagency coordination, and outreach and education for calendar year 2020.
  • Bipartisan legislation extending the loan maturity limit for federal credit unions would help more credit unions enter the student lending sector, CUNA wrote to the Senate Banking, Housing and Urban Affairs Committee Tuesday.
  • Forty-eight credit union leaders were designated as Credit Union Development Educators after completing the National Credit Union Foundation’s Credit Union Development Education (DE) Training. The March DE Training was held March 15 through April 9.
  • The Illinois Credit Union System has successfully concluded its first CU Kind® initiative of 2021 culminating in donations totaling $2,800 to seven local charity organizations. The program is designed to engage ICUS staff and their families to share an organization whose mission is important to them. 
  • CUNA called on the House Appropriations Committee to ensure increased funding for the USAID's Cooperative Development Program in FY2022 and for procurement reform at USAID that ensures fair access to agency awards for smaller U.S. private voluntary and not-for-profit organization.
  • Both chambers of Congress are back in session this week, and CUNA will be engaged with several hearings throughout the week. President Joe Biden also released his initial budget proposal for Fiscal Year 2022 late last week.
  • Credit union advocates in Idaho, Oregon and Washington have new, data-rich tools to support their advocacy and public awareness work this year. The Northwest Credit Union Association is providing its member credit unions with a suite of resources documenting credit unions’ economic and community impact.
  • The federal banking agencies, in consultation with FinCEN and NCUA, issued a joint statement Friday addressing on risk management principles, as well as an RFI on the extent to which they support BSA/AML compliance.
  • CUNA has received its first nomination for the Class C CUNA Board special election: Jose Lara, chief operating officer, SchoolsFirst FCU. A second special election is ongoing, for the District 6, Class B position. All nominations and seconds must be submitted by 5 p.m. (ET) April 22.
  • NCUA Chairman Harper recently indicated the agency will soon take action to reinstitute PCA relief that expired at the end of 2020, says CUNA Chief Advocacy Officer Ryan Donovan, who added more information will be available over the next few weeks.
  • NCUA Chairman Todd Harper spoke with CUNA’s Small Credit Union Committee this week on various ways NCUA can help small credit unions continue to serve members in economically challenged times.
  • CUNA Chief Compliance Officer & Counsel Jared Ihrig and Senior Director of Advocacy and Counsel Alexander Monterrubio addressed what Consumer Financial Protection Bureau (CFPB) supervision will mean for credit unions, particularly over the next several years, during a webinar Thursday.
  • Registration is open for CUNA Business Lending Certification Virtual School, which begins in June. The sessions are credit-union-specific, and help with comprehending heavily regulated services. The virtual school is also the pathway toward the Credit Union Business Lending Professional certification.
  • It’s more important than ever that communities retain access to a local financial partner that can meet their needs, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Wednesday, adding that credit unions are eager to be that partner.
  • Samaha & Associates has become a business partner in advocacy for credit unions as the newest associate level CUNA Associate Business Member. For over 23 years, Samaha & Associates has aided hundreds of credit unions in enhancing respective technology and service platforms,
  • The Consumer Financial Protection Bureau (CFPB) Wednesday proposed extending the effective date of two recent debt collection rules to January 29, 2022. This is 60 days after the currently scheduled effective date of Nov. 30, 2021.
  • CUNA has received a second nomination for the District 6, Class B special election, from Geri LaChance, president/CEO, SESLOC FCU, San Luis Obispo, California. All nominations and seconds must be submitted by 5 p.m. (ET) April 22.  
  • Award recognizes a professional who demonstrates credit union values.
  • FinCEN is soliciting public comment on questions pertinent to the implementation of the Corporate Transparency Act, enacted into law as part of the National Defense Authorization Act for Fiscal Year 2021 Jan. 1. Comments are due by May 5. 
  • Scammers are taking advantage of the pandemic and fraudulently filing unemployment claims using stolen personal identity information. If you received a 1099-G tax form for unemployment benefits that you didn’t apply for or receive, you may be a victim of identity theft.
  • Existen estafadores que están aprovechándose de la pandemia para introducir de forma fraudulenta, reclamos de beneficios por desempleo, utilizando información personal de identidad robada. Si le llegó una planilla de impuestos 1099-G por beneficios por desempleo que no ha solicitado o recibido, usted podría ser víctima de un robo de identidad.
  • CUNA announced Tuesday that Tiffany Niederwerfer has been promoted to Vice President of Marketing, effective immediately. In her new role, Niederwerfer will be responsible for all activities related to CUNA’s brand identity and will oversee the execution of the organization’s marketing strategy.
  • April is National Financial Capability Month, and we’re highlighting ways to prevent and recover from financial hardship during the pandemic and future uncertain times.
  • The COVID-19 pandemic is presenting one of the biggest challenges to the mortgage servicing industry since the Great Recession. There are an estimated 3 million delinquent loans, including more than 2 million loans in long-term forbearance. The Bureau is closely monitoring how servicers are handling the increased volume and emphasizes the importance of good communication especially at a time when so many homeowners are distressed. The Bureau also encourages servicers to use all available tools to reach struggling homeowners.
  • Americans are receiving the third and latest round of financial relief through the Economic Impact Payments (EIP). Yet, millions still haven’t received the first and second payments – and likely won’t receive the third unless they file a 2020 tax return. View our complete guide to the COVID-19 Economic Impact Payments.
  • The CFPB was born out of the 2008 financial crisis to protect the economically vulnerable. During COVID-19 and the resulting economic crisis, we’re doubling down on that commitment. Learn how the CFPB is using our tools to protect consumers facing housing insecurity.
  • If you’re sharing money, time, or other resources with family and friends to weather the pandemic, we can help you think through how to work together and reduce strain on your relationships.
  • The CFPB will use the authority provided by Congress to address consumer harms in the small dollar lending market. The CFPB will do so through vigorous market monitoring, supervision, enforcement, and, if appropriate, rulemaking.
  • Take action to get the full benefit of your Economic Impact Payment.
  • A new CFPB report shows more than 11 million renters and homeowners are behind on their housing payments. Communities of color are disproportionately vulnerable to housing insecurity. Heres what we’re doing to prevent harm to vulnerable consumers.
  • In 2020, the CFPB issued new rules to help ensure borrowers can afford the mortgages they take on. To ensure consumers have the options they need, the CFPB will extend the mandatory compliance deadline for the Qualified Mortgage rules until July 1, 2021.
  • Homeowners facing hardship from the COVID-19 pandemic have expanded access to protections from the federal government. Learn how you can protect your home.
  • Break up with online romance scams

    Romance scams can happen to anyone, including those who are looking for connection during the pandemic. Learn how to spot, avoid, and report this type of scam.
  • Moving forward, the Division of Consumer Education and External Affairs should redouble its efforts to ensure the Bureau engages all consumers who are economically suffering.
  • The Consumer Financial Protection Bureau is proud to launch an effort to recruit attorneys at all experience levels to join our team.
  • Sepa porqué debería declarar sus impuestos en este 2021, y cómo la normativa “revise el pasado” del IRS le permite usar su ingreso del 2019 o del 2020 para recibir los mayores créditos fiscales posibles.
  • Learn why you should file your taxes in 2021, and how the IRS’ “lookback rule” allows you to use 2019 or 2020 income to get the most out of your Earned Income Tax Credit or Child Tax Credit.
  • In furtherance of our mission, I have directed the Division of Research, Markets, and Regulations (RMR) to take some immediate actions, and I want to share my directions publicly.
  • Algunos propietarios de vivienda que tengan problemas para pagar su hipoteca ahora tendrían un poco más de tiempo para buscar ayuda.
  • Financial relief and protections for many student loan borrowers, renters, and homeowners has been extended. Here’s what you need to know.
  • Your consumer reporting records affect your ability to get a loan, a job, an apartment, and other essentials of life. But, do you know where and how to request your consumer reports and what you can do once you order them? Find out in our list of consumer reporting companies!
  • Last week, I was honored to have been appointed Acting Director of the CFPB by the President. Having joined the Bureau in 2011, I have seen firsthand the impact of the Bureau’s mission and the incredible work being done by its staff. I know that the Bureau’s staff shares my devotion to the Bureau’s mission, and I look forward to serving in this latest capacity.
  • Many people are considering early retirement, tapping into their retirement benefits, including Social Security and pensions, earlier than expected. Here are resources to help you weigh your options and to get additional help.
  • Military families face unique financial challenges, especially during the coronavirus pandemic. The new Your Money, Your Goals military guide provides resources to help military families overcome these challenges and improve their financial well-being.