Most of you are aware that August 22nd marks another important Regulation Z deadline. This means you cannot charge a penalty fee greater than the amount of the underlying transaction. What does this mean to you? When the minimum payment on a credit card account is $15 and that account has gone delinquent, the amount [...]
FinCEN recently released feedback regarding the 2009 CTR Exemption Rule which took effect on January 5, 2009. The purpose of this amendment is to simplify the Designation of Exempt Persons (DOEP) process which in turn will reduce the number of CTRs filed. So has this rule assisted in reducing the amount of CTRs filed? [...]
The FDIC recently publish the examiners procedural document they will be using to evaluate if you are in compliance with Reg GG. This document does an excellent job of explaining the nuances of the regulation as well as what you need to do to make sure you are following the regulatory requirements. http://www.fdic.gov/news/news/financial/2010/fil10035.html
Multi-Featured Open-End Lending (MFOEL) Note: It appears that only CUNA Mutual is requesting the following changes. If your credit union is using another MFOEL lending platform, please contact Jim Vilker with your provider’s specific changes, if required. Three weeks ago, a few credit unions began to receive instructions from CUNA Mutual Group (CMG) regarding the [...]
The massive security breach at Heartland continues to sting credit unions. MidFlorida Federal Credit Union had to issue 12,000 new debit cards this week after detecting continuing attempts to defraud their members as a result of the Heartland disaster. The total number of reissued debit cards is now 17,000 for this credit union alone. MidFlorida [...]
Recommendations for the Credit CARD Act The sky is not falling, but let any more legislation like this go through Congress and things just might get a little tight… During the last 3 months we have all been anxiously awaiting the Federal Reserve’s final interpretation of the Credit CARD Act. In the middle of January [...]
Welcome to the Credit CARD Act open forum. This area is designated for credit unions to share ideas, ask questions from peers and find assistance in meeting the guidelines. We encourage you to share any disclosures or processes by sending them to lwalton@xtendcu.com. After submission the documents will be posted here for others to view [...]
Special Guest Author: Barb Cooper, VP Professional Services The Truth-in-Savings regulatory changes, found in the update to the NCUA Regulation 707, seemed relatively easy to understand for this first round. NCUA patterned their changes from the Federal Reserve in most respects, but not all. A tip from Audit Link’s Jim Vilker: Credit unions are required [...]
News Release… Grand Rapids, Michigan –November 4th, 2009 To comply with Red Flag requirements to monitor things like address changes, a new Red Flag monitoring feature has been added to CU*BASE. This tool provides alerts to both the credit union and the member when changes are made to a member’s personal information to provide an [...]
21-Day Fix on to President’s Desk; Reg Z Proposal: Timely Settlement of Estates Posted: 29 Oct 2009 11:08 PM PDT – NAFCU Compliance Update by Anthony Demangone 7:55 p.m., Thursday evening I just received an email from our lobbying dynamo, Brad Thaler. Just minutes ago, the U.S. Senate passed H.R. 3606 by unanimous consent. This [...]
