Compliance

WASHINGTON – The Consumer Financial Protection Bureau this morning is expected to tell Congress it will be carefully protecting individuals’ privacy as it builds a massive database on consumer financial behavior and on home mortgages.

Credit unions are being urged to get ready for January 2014, when a host of new rules enacted by the Consumer Financial Protection Bureau will take effect.

Credit unions deciding whether they will "play or pay" under the new Obamacare rules will now be able to delay that decision one year.

WASHINGTON – NAFCU called on the Consumer Financial Protection Bureau on Wednesday to extend the two-day hold period on personal checks for another day, in order to better detect fraud.

NEW YORK – Credit unions need to plan for January, when a host of new rules enacted by the Consumer Financial Protection Bureau take effect, according to compliance experts speaking at CUNA’s annual America’s CU Conference.

The Consumer Financial Protection Bureau is breaking up its searchable, online consumer complaint database by state-allowing onlookers to better drill down into the data.

Ever since the FFIEC released its social media guidance for financial institutions in January, executives have been concerned about several requirements, such as the difficulty of monitoring employees' social media activities and the challenge of calculating an ROI for social media.

Yet more regulatory fallout from the recession is a proposed rule from NCUA relating to liquidity risk-which two experts said is all about a credit union having enough "levers" to pull during a crisis.

A liquidity policy is different from a contingency funding plan, and should be part of every credit union's overall strategic planning, according to John Myers.

Credit unions are being cautioned to double-check the non-judicial foreclosure statutes in the states in which they do mortgages for notice requirements in the wake of a closely watched Nevada state court ruling.