Consumer Law Regulatory Compliance
The NCUA has released an “Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus”. In the statement, the agencies are encouraging financial institutions to work with borrowers affected by COVID-19 and provide additional information regarding loan modifications. Agencies are encouraging financial institutions to offer prudent loan modification […]
NCUA This week, the NCUA has issued a Letter to Credit Unions “NCUA Actions related to COVID-19” (Letter No: 20-CU-02). This NCUA Letter also contains FAQs regarding COVID-19, NCUA and credit union operations. These FAQs cover impacts to, and flexibility for, annual meetings and elections; FCU monthly board meetings; restrictions on branch access and branch […]
Regardless of credit union leaders’ politics, one CU advisor says from a compliance perspective “there have not been a lot of negatives” since President Trump took office in early 2017 . . . Please click here to read more. [Subscription may be required]. This article, written by Michael Bartlett, was originally published in the […]
Let us read the hundreds of pages of final rule so you don’t have to. This presentation will provide an overview of the new HMDA rule and will discuss aspects of the rule that apply specifically to mortgage CUSOs and the credit unions that work with them. The New HMDA Rule – What you Need […]
The National Credit Union Administration’s CUSO Registry will open its required annual “reaffirmation period” next week with one significant change – there’s a lot less anxiety for registrants in 2017 than there was last year. Please click here to read more. [Subscription may be required]. This article, written by Michael Bartlett, was originally published […]
This webinar focused on recent regulatory and legal trends, supervisory highlights, and updates on recent enforcement actions to help credit unions and CUSOs be prepared for the upcoming year. Regulatory Developments and CFPB Update from Messick & Lauer on Vimeo.
Credit unions are constantly entering into agreements with third-party vendors ranging in criticality from vendors that implement a new core processor to vendors that provide custodial services. Please click here to read more. This article is from the November 6, 2016 issue of Credit Union Times Magazine. [Subscription may be required]. Michael J. Heller is […]
This is a webinar presentation by ViClarity, an international technology firm serving financial institutions. ViClarity- Tools to Enhance Cyber Security for Credit Union from Messick & Lauer on Vimeo.
Data breaches and cybersecurity incidents happen every day, and credit unions need to be considering what to do when – not if – they are attacked. Please click here to read more. This article is from the October 19, 2016 issue of Credit Union Times Magazine. [Subscription may be required]. Jennifer Winston is an Associate […]
Please click here to read more. [Subscription may be required]. Amanda Smith, Partner with Messick and Lauer P.C., is quoted in this article written by Palash R. Ghosh, which was originally published in the Credit Union Journal on October 13, 2016.
Cybersecurity and Data Breaches – How to Prepare, Protect, and Respond from Messick & Lauer on Vimeo.
The increased influence of the CFPB on mortgage lending and servicing is becoming more evident with each passing day. The CFPB chronicles its supervisory efforts for public review in regular editions of its Supervisory Highlights publication. Supervisory Highlights discusses, at a high level, select CFPB examination findings and outcomes. Generally speaking, Supervisory Highlights is not […]
The Military Lending Act (MLA) has traditionally applied to three (3) types of loan products: payday loans, vehicle title loans, and refund anticipation loans. Under the Final Rule, beginning October 3, 2016, the MLA will apply to products generally covered by the Truth in Lending Act and Regulation Z, including deposit advance loans, installment loans, […]
The Department of Labor (“DOL”) has released its final rule that is intended to provide stronger overtime protection and clarity to both workers and employers. Read the Final Rule here. This general summary email is the first in a series our office will publish on the new overtime rule. To determine if a white collar […]
As a follow up to correspondence sent out a couple of weeks ago regarding the elimination of the personal guarantee requirement under the new MBL rule, we received feedback that this is not the case for federally insured state-chartered credit unions in Illinois. Illinois state-chartered credit unions must still obtain personal guarantees on all MBLs. […]
We have been through the pain of implementing the new regulation. We have registered our CUSOs and scratched our heads over the types of information the NCUA requested as part of the CUSO registration process. But now we are able to reap one benefit from the hard work. We can now search the publicly available […]
As the pace of new government regulations continues unabated, an increasing number of credit unions are seeking to outsource their compliance operations to third-party vendors as a means of cutting costs and relieving the burden of immense paperwork and man-hours. Please click here to read more. [Subscription required] Amanda Smith, Partner with Messick and Lauer […]
Back in October, 2015, the CFPB issued a Compliance Bulletin to remind participants in the mortgage industry of the prohibition on kickbacks and referral fees under the Real Estate Settlement Procedures Act (RESPA) and to describe the substantial risks posed by entering into Marketing Services Agreements (MSAs). The link to the Bulletin can be found […]
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 […]
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 […]
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. […]
Decedent, minor and other fiduciary accounts, such as those subject to powers of attorney, are particularly susceptible to fraud. While some of these instances of fraud may result from an ignorance of the law on the part of the person with whom the credit union is dealing, many times they are purposeful evasions of the […]
We often talk about collaboration in the context of business and product development; however, collaboration can also play an important role in regulatory compliance. It is undeniable that the current regulatory climate is complex and can even seem insurmountable at times. It is showing no signs of slowing down and credit unions will have to […]
Like most people, I am getting tired of the regulatory onslaught. But, we need to stay diligent. There are advantages to paying attention. First and foremost, you might be able to influence the regulator and reduce the adverse consequences of a new rule. The industry spends a lot of time and a lot of effort […]
Credit unions engage third party vendors for a variety of reasons. Some third party vendors bring expertise to the table that allows the credit union to offer products and services to its members that it would not otherwise be able to offer. Other vendors provide products and services in a manner that is more cost […]
The vast majority of people who work at NCUA and the state credit union regulatory agencies fully appreciate that credit unions need economies of scale and more expertise in order to survive and thrive in today’s regulatory climate. Combining operational services can be very effective. Many credit unions have collaborated in such services as business […]
This is a post by Kirk Drake (with a little input from me) on the Ongoing Operations Blog which you should check out. http://ongoingoperations.com/blog/ Earlier this year, the National Credit Union Administration (NCUA) conducted a voluntary CUSO exam of Ongoing Operations. Overall, the experience was a positive one with the Regulators having the opportunity to […]
There was a day when credit unions relied on internal staff to perform most of their member services and backroom operations. This “internal model” has evolved into a “blended model,” where many functions are outsourced to third-party service providers, often to credit union service organizations (CUSOs). The National Credit Union Administration (NCUA) announced last year […]
Judge Christine M. Arguello has issued her decision in Bellco Credit Union versus the United States of America. This is one of the UBIT cases. The IRS assessed Bellco Unrelated Business Income Tax (“UBIT”) on certain income items and Bellco paid the tax and has sued for a refund. By doing so, Bellco is able […]