The CFPB has issued a final rule that revises the definitions of “small creditor” and “rural areas” under Regulation Z of the Truth in Lending Act (TILA). The final rule is effective January 1, 2016. The CFPB created special small creditor provisions with regard to certain Regulation Z requirements. The revised definitions will affect the […]
It is time that we remember who we are as credit unions and what we stand for. It is time to revisit our core principles and value and advocate how credit unions have made America and Americans financially stronger. It is time to stop apologizing for our desire to grow credit unions and give more […]
We have worked through a difficult regulatory period for the last five years or so, including both regulatory retraction and regulatory overreach. We had Reg Flex revoked and too too many regulations imposed upon credit unions. But is the pendulum changing directions? There have been several news reports and proposed regulations that appear to say […]
On November 18, 2014, the CFPB issued a compliance bulletin regarding Social Security Disability Income Verification. The Bulletin was issued to remind creditors of their obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B, with respect to consideration of public assistance income, and to highlight standards and guidelines regarding verification of Social Security […]
The President approved legislation that enables federally insured credit unions to offer insured IOLTA accounts. These are escrow accounts held by an attorney which contain clients’ funds. Since the money held in escrow by the attorney were the funds of the clients, the previous rule would only extend share insurance to those funds held by […]
On September 25, 2014, the CFPB entered into a Consent Order with a Michigan title insurance agency to settle charges that the title agency entered into certain Marketing Services Agreements (“MSAs”) in violation of the Real Estate Settlement Procedures Act. This Consent Order provides three valuable takeaways for parties that have entered into MSAs with […]
Pennsylvania has enacted broad changes to the laws governing Powers of Attorneys (“POA”) for financial and property transactions. Below is a brief overview of some of the changes effective January 1, 2015. For POAs executed on or after January 1, 2015: A POA may be signed by another person on behalf of the principal only […]
Originally posted November 12, 2014 The CFPB has amended Regulation P, which requires, among other things, that financial institutions provide an annual disclosure of their privacy policies to their customers. So long as certain requirements are met, the amendment allows annual disclosures to be posted online, saving your Credit Union or CUSO time and money. […]
The following is a link to an article published in the Credit Union Times wherein a member of our firm is quoted. CUs Link for Compliance by Michelle A. Samaad 4/22/2012 http://www.cutimes.com/2012/04/22/cus-link-for-compliance
The following is a link to an article published in the Credit Union Times wherein a member of our firm is quoted. Irish CU’s Lent a Helping Hand by Candice Reed 9/24/2012 http://www.cutimes.com/2012/09/24/irish-cus-lent-a-helping-hand
