Anyone else find it hard to believe July is in the rearview mirror!? With 2024 flying by, regulators have been keeping busy, so it’s a good time to recap the last few months. As you all know, in May, the Supreme Court ruled that the funding of the CFPB is constitutional. Within days of that ruling, […]
Intro: 0:00-1:20 Advertising Rules and Regulations: 1:20-7:15 Social Media Platform Rules: 7:15-34:35 Advertising/Social Media Best Practices: 34:35-56:46
By: Michael Mulvey As of January 1, 2024, the Corporate Transparency Act (“CTA”) became effective. This legislation requires certain reporting requirements as part of the Anti-Money Laundering Act of 2020. To enforce these requirements, the Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) created a registry to receive all reportable information. This legislation intends to reduce […]
The NCUA’s new Financial Innovation Rule offers credit unions new and exciting lending opportunities. However, with these new and exciting opportunities come more responsibility on credit unions to reassess, strengthen and update their loan purchasing and lending policies and procedures. This webinar goes into detail about what changes were made to the NCUA’s loan participation […]
By: Jennifer Winston Jwinston@cusolaw.com Last month, the CFPB released Consumer Financial Protection Circular 2023-01 emphasizing unlawful negative option marketing practices. The CFPB has stated that engaging in negative option marketing practices violate the Consumer Financial Protection Act’s (CFPA) prohibition on unfair, deceptive, or abusive acts or practices (UDAAP). “Negative option” refers to either a term […]
The CFPB has published a Consumer Financial Protection Circular (Circular) (2022-04) that makes clear insufficient data protection or security for sensitive consumer information may violate the prohibition on unfair acts or practices under the Consumer Financial Protection Act (CFPA). This Circular does not have any impact on federal laws that currently govern data security for […]
Following up on a previous post regarding legislation that would grant the NCUA authority to regulate and examine all vendors that do business with a credit union, the House recently passed the National Defense Authorization Act including an amendment that would grant the NCUA such oversight authority over a credit union’s third-party vendors. As previously […]
With summer in full swing, now is as good of a time as any to review your internal processes to see how your programs are performing measured against expectations and determining whether any updates need to be made. This post will be a high level focus looking under the hood of your third party risk […]
If you attended our NACUSO presentation this spring, you heard me discuss how the Consumer Financial Protection Bureau (CFPB) has increased their focus on rooting out discrimination and discriminatory practices. CFPB Director Chopra has said that he believes the growing use of algorithms could raise issues of both overt and unintended discriminatory practices. We have […]
With a change in administrations, we often see changes from a regulatory perspective. One area receiving attention from the current administration are targeted efforts at protecting “protected classes” and serving the underserved, for example the NCUA’s recent letter reminding credit unions about prohibited acts under the Equal Credit Opportunity Act (ECOA). This week, the Consumer […]
