Reg Z Truth-In-Lending Changes: Regulations adopted by the Board of Governors of the Federal Reserve (Board) and Consumer Financial Protection Bureau (CFPB) require the dollar threshold for exempt consumer credit transactions be adjusted annually.
Appraisals for Higher-Priced Mortgage Loans Exemption Threshold: The Office of the Comptroller of Currency, Treasury (OCC), the Board, and CFPB are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). FHFA Comprehensive Report: The Federal Housing Finance Agency (FHFA) released its comprehensive report on the Federal Home Loan Bank (FHLBank) system on November 8.
Customer Identification Program (CIP) Refresher: The PATRIOT Act and federal regulations require each credit union to implement a written CIP that includes certain minimum requirements found in section 748.2(b)(2) of the NCUA regulations and section 1020.220(a)(2)(i)(A) of the FinCEN regulations. NCUA Reinstating Call Report Penalties: The National Credit Union Administration (NCUA) announced that it will reinstate assessing civil money penalties for credit unions failing to submit NCUA Form 5300 Call Report on time, effective January 1, 2024. CFPB Proposes Rule on Open Banking: On October 19, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would accelerate a shift toward open banking, helping consumers control data about their financial lives and receiving new protections against companies misusing their data.
Federal Housing Finance Agency (FHFA) Annual Housing Report: On October 30, the FHFA issued its annual report to Congress as required by the Federal Housing Enterprises Financial Safety and Soundness Act. Chairman Harper Testifies to US Senate: Ahead of the NCUA November board meeting, Chairman Todd M. Harper testified Tuesday November 14, at a hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. EEOC Guidance On Harassment Issued: The Equal Employment Opportunity Commission (EEOC) has released proposed guidance on “Enforcement Guidance on Harassment in the Workplace” updating anti-discrimination protections since its last publication on the issue in 1999.
Dept. of Labor Proposed Rule on Salary Threshold: The Department of Labor is proposing a new salary threshold rule as of September which will likely impact on many employers including credit unions. Risks of MLA and Indirect Loan Purchases or Loan Participations: The Military Lending Act (2006) voids any loan to a ‘covered persons’ without the required disclosures and compliance with the law. The problem arises especially on auto loans with additional GAP or single premium coverage. CFPB Issues Guidance to Stop Large Banks Illegal Junk Fees and Report on NSF Fees: The Agency issued an advisory opinion on October 11 for a provision which generally prohibits large financial institutions from imposing unreasonable obstacles on consumers.
Implications of New NCUA Financial Innovation Rule: As of October 30, the new Financial Innovation rule will permit all credit unions to have more flexibility to engage with third-party lenders in general and with FinTech’s, in particular with privacy laws in mind. Department of Justice (DOJ) and CFPB Joint Statement on Discriminatory Lending Towards Immigrants: On October 12, the agencies issued their joint statement reminding financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race and other characteristics covered by the Equal Credit Opportunity Act (ECOA) implemented in Reg B, regardless of their immigration status. CFPB 2024 HMDA Filing Instructions Guide: The Consumer Financial Protection Bureau (CFPB) published the 2024 Home Mortgage Disclosure Act (HMDA) Filing Instructions Guide, a technical resource to help financial institutions file HMDA data collected in 2024 and reported in 2025.
CTR Refresher: FinCEN requires a credit union to file a CTR (Compensated Transfer Report) for each currency transaction of more than $10,000 by, through, or to the credit union defining currency as coin and paper money, i.e., cash. NCUA Final Rule Amending Purchase of Loan Participations: The NCUA published the final rule on September 29 (effective 30 days after) amending regulations regarding the purchase of loan participations and the purchase, sale, and pledge of eligible obligations and other loans (including notes of liquidating credit unions).
Changes to Reg Z Closed-End Model Forms and Clauses: New forms for Reg Z forms H-4(D)(2) and (4) under Section 1026.20(c) and (d) became effective October 1 of this year in Appendix H. Appendix E to 12 CFR §1002 Subpart B has amended the sample collection form for demographic information about principal owners for reporting.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issued a Sept. 8 alert warning of a prominent virtual currency investment scam called “pig butchering.”
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The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
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