Compliance & Regulatory Affairs Updates: May 31, 2023

CFPB Guide Issued for 1071 Final Rule: The Agency recently issued a Small Entity Compliance Guide in addition to a dedicated webpage for the final rule pursuant to Dodd-Frank that requires credit unions to report data on lending applications by small businesses, including those owned by women and minorities. 

​Pump Provisions at Work: On May 17, the US Department of Labor issued guidance on ‘pump provisions at work’ of the Fair Labor Standards Act (FLSA) after the law passed in December 2022.

NCUA Proposed Amendment Charitable Donation Accounts: The NCUA Board (Board) is proposing to amend the charitable donation accounts (CDA) section of the NCUA's incidental powers regulation.

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