April 5, 2021 — On any given day, my email box fills with all kinds of exciting compliance-related credit union, and non-credit union, stories. Some of you may disagree with my use of the word “exciting”! Nonetheless, there is new information available every day.
This bulletin provides an abundance – or cornucopia – of important information…
Always at the top of the priority list is cybersecurity, or the cyber health, being implemented by credit unions. If Solar Winds, Microsoft, Ubiquiti, or any number of other breaches, didn’t get your attention, you had better look again. Consider signing up for alerts from the Cybersecurity & Infrastructure Security Agency (CISA), the U.S. Government agency working to defend against threats and collaborating to build a more secure and resilient infrastructure.
On March 11, 2021, the Consumer Financial Protection Bureau (CFPB) announced it was rescinding a January 2020 policy statement related to abusive acts or practices (§1031 of the Dodd-Frank Act), specifically Unfair, Deceptive, or Abusive Acts and Practices. Going forward, the CFPB intends to exercise its supervisory and enforcement authority under the Dodd-Frank Act which prohibits (1) materially interfering with someone’s ability to understand a product or service; (2) taking unreasonable advantage of someone’s lack of understanding; (3) taking unreasonable advantage of someone who cannot protect themselves; and (4) taking unreasonable advantage of someone who reasonably relies on a company to act in their interests. Additional information may be found on the NCUA website.
In addition to the above, the CFPB announced on March 31, 2021, the agency was rescinding seven policy statements issued last year providing temporary flexibility in the pandemic. These statements address, among others, Home Mortgage Disclosure Act quarterly reporting, Regulation Z billing error resolution timeframes and electronic credit card disclosures.
Kansas credit union legislation enacted
April 17, 2019 — Last week, legislation modernizing the Kansas Credit Union Act was signed by Governor Laura Kelly after passing both the House and Senate. The Heartland Credit Union Association spearheaded the bill, which makes 67 changes to the state statutes to brings Kansas law up-to-date and continue to protect the locally operated, not-for-profit structure of credit unions. Key aspects of the bill include:
- Technical corrections of the credit union statutes to bring them in line with other statutes and federal law, and remove outdated requirements;
- Removal of language that duplicates what is already spelled out in a credit union’s bylaws to protect local control and flexibility.
- Modernizing consumer notification requirements by giving members the option to receive electronic notifications rather than mailed notifications.
- Protects Kansans from financial fraud by limiting the use of the term “credit union.”
The changes go into effect on July 1.
Credit Unions Kick Off Annual Giveaway Program
May 7, 2015 – Area credit unions will be giving away $25 gift cards starting at 11 a.m. Thursday, May 7, at the Kwik Shop in Derby as part of the Kansas Credit Union Association’s Make a Difference statewide event.
What’s new in your state?
Click here to submit your state-chartered credit union news stories to NASCUS today!