Risk Alert – Infringement Claims on Biometric Identification Patents
CUNA Mutual issued a Risk Alert regarding letters some credit unions have received claiming patent infringement.  

Minnesota Credit Union Network Submits Comment Letters on Several Topics
It’s been a busy 2021 so far for the Regulatory Review Committee. To date, eight comment letters have been submitted with input from the Committee. 

Fannie and Freddie to No Longer Acquire GSE Patch QM Loan
On April 8, Fannie Mae and Freddie Mac issued guidance regarding the future acquisitions of Qualified Mortgage (QM) Loans. Fannie issued Lender Letter 2021-09 and Freddie Mac issued Bulletin 2021-13. 

Webinar on Updates to the FFCRA Tomorrow
Today is the last day to register for MnCUN’s Webinar on updates to the Families First Coronavirus Response Act (FFCRA).
​
U.S. Circuit Court of Appeals Concludes Websites Not a “Public Accommodation”
​Last Wednesday, the 11th U.S. Circuit Court of Appeals held that websites do not fall within the Americans with Disabilities Act’s (ADA) definition of “public accommodations.” Therefore, the court concluded that websites are not subject to the ADA’s requirements. 

Bureau Proposing a Moratorium on Foreclosures
The Consumer Financial Protection Bureau (Bureau) issued a proposed rule that includes a moratorium on foreclosures.

Bureau Rescinds COVID Related Policy Statements with One Days' Notice
Last Wednesday the Consumer Financial Protection Bureau (Bureau) issued a statement rescinding  the following COVID related policy statements, issued in 2020, that had provided temporary flexibility to financial institutions.

Webinar on Updates to the FFCRA
The Minnesota Credit Union Network is partnering with employment law attorneys from Eckberg Lammers to host a webinar on updates to the Families First Coronavirus Response Act (FFCRA). 

PolicyAid Quarterly Update
ViClarity has updated PolicyAid with the addition of two policies and updates to two other policies.

NCUA Offering Webinar on BSA/AML Compliance
The National Credit Union Administration (NCUA) is hosting a webinar, “Bank Secrecy Act Update,” on April 14 from 1 pm – 2 pm CT.
​
Federal Agencies Seek Feedback on the Use of Artificial Intelligence
​Federal financial regulatory agencies, including the NCUA and Consumer Financial Protection Bureau have issued a request for information on financial institutions’ use of artificial intelligence (AI)

​The NCUA Board announced at their board meeting last week a distribution from the Corporate Resolution for several corporates, including Members United. 

Updated BSA/AML Training Webinar Available
ViClarity 2021 Bank Secrecy Act (BSA) & OFAC Annual Staff Training is now available to MnCUN member credit unions.

Stimulus Payments Round Three
The IRS has begun sending out economic impact payments (EIP) issued pursuant to the American Rescue Plan Act of 2021 (the “Act”). 

Class Action Lawsuits over Foreign Transaction Fees
One of the recent litigation trends posing a risk for credit unions are lawsuits involving the assessment of foreign transaction fees.​

Bureau Issues Interpretive Rule on Regulation B
The Consumer Financial Protection Bureau (Bureau) issued an Interpretive Rule on the Equal Credit Opportunity Regulation (Regulation B).

​Roundtable Discussion on Board Election Practices and Governance on March 24
Join us March 24 from 10 to 11 am for a roundtable discussion on board election practices and other governance matters.

BSA/AML Examination Manual Updated
Last week the Federal Financial Institutions Examination Council (FFIEC) released updates to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual (Manual).

FHFA Extends Forbearance Period and Foreclosure and Eviction Moratoriums
The Federal Housing Finance Agency (FHFA) announced extensions of several COVID-19 related mortgage relief policies.

MnCUN to Host Roundtable Discussion on Board Election Practices and Governance
As a result of COVID-19, many credit unions revisited their policies on governance, including annual meetings, regular board meetings and board election processes. 

$300 Million Settlement Reached in Remote Deposit Capture Lawsuit
United States Automobile Association (USAA) and Wells Fargo have reached a $300 million settlement in their dispute over remote deposit capture technology (RDC) patents

Summary of NCUA Board Meeting
The National Credit Union Administration Board (Board) met last Thursday (2/18). This was the first meeting under the leadership of Chairman Harper.

Training and Overview of CUNA’s Compliance Management System in March
On March 11, from 10 – 11:30 the Minnesota Credit Union Network and CUNA will host a training and overview of CUNA’s Compliance Management System (CU-CMS).

Bureau Reconsidering Recent QM Rules
 
The Consumer Financial Protection Bureau (Bureau) issued a statement yesterday regarding General QM Loans and the recently created Seasoned QM Loans.