Regulatory & Compliances Updates: Aug. 9, 2023

FinTech and Third-Party Risk Management Policy: FinTech’s use many third-party service providers and other technology companies in providing their specialized products. Information security, privacy, and regulatory compliance must be every credit union’s top concern as it is not enough to rely on FinTech assurances as to your member’s NPI. 

Update on CFPB Small Business Lending Rule: On July 31, the U.S. District Court for the Southern District of Texas issued a limited preliminary injunction enjoining the Consumer Financial Protection Bureau (CFPB) from implementing and enforcing its “Small Business Lending Rule Under the Equal Credit Opportunity Act (Regulation B) until the pending case before the U.S. Supreme Court challenging the constitutionality of the CFPB’s funding.

E-Will Law In Effect: August is Make-A-Will month and Minnesota’s new Uniform Electronic Wills Act (§524.1-201) signed into law in April became effective August 1. ​

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