A resource for credit unions in CA & NV, providing credit union financial and economic trend analysis, brought to you by your Leagues in partnership with CUNA & Affiliates.
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|August 8, 2014|
|TIPs Bulletin #14-15||MasterCard Revised Standards – Limitation of Liability of Cardholders for Unauthorized Use (“Zero Liability”)|
|July 16, 2014|
|TIPs Bulletin #14-14||Canada’s Anti-SPAM Legislation (CASL) and Its Impact to U.S. Credit Unions|
|June 30, 2014|
|TIPs Bulletin #14-13||Voluntary Liquidation|
|TIPs Bulletin #14-12||Annual Indexing of HUD’s Basic Statutory Mortgage Limits for Multi-Family Housing Programs|
Shared Compliance Services
CURoots offers a variety of services to help you keep pace with ever-changing regulatory compliance while you focus on day-to-day credit union business.
Internal Audit Services
CURoots can help your credit union identify potential issues, assess risk, and save valuable time and resources by providing expert assistance for your auditing needs.
"The Gramm-Leach-Bliley Act generally requires that a financial institution notify consumers and give them an opportunity to opt out before providing nonpublic personal information to a third party," states a news release by the National Credit Union Administration (NCUA). "Today’s guidance clarifies that it is generally acceptable under the law for financial institutions to report suspected elder financial abuse to appropriate local, state or federal agencies."
NCUA said that older adults can be attractive targets for financial exploitation and may be taken advantage of by scam artists, financial advisors, family members, caregivers, or home repair contractors.
"Recent studies suggest that financial exploitation is the most common form of elder abuse and that only a small fraction of incidents is reported," the statement noted. "Older adults often are targeted because they have retirement savings, accumulated home equity, or other assets. They also are more likely to experience cognitive decline, which can impair their capacity to recognize financial exploitation and scams."
Employees of financial institutions may be able to spot irregular transactions, account activity, or behavior that signals financial abuse. They can play a key role in preventing and detecting elder financial exploitation by reporting suspicious activities to the proper authorities.
The interagency guidance was issued by the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Trade Commission (FTC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC). The Commodity Futures Trading Commission (CFTC) is issuing the document as staff guidance.
FinCEN Advisory Released
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory to update financial institutions on activity associated with regulatory restrictions imposed on Mexican financial institutions for transactions in U.S. currency.
On Sept. 27, the Comisión Nacional Bancaria y de Valores (CNBV) issued an advisory that, among other things, provides relevant statistics in this regard.
CFPB ISSUES FINAL 'TILA' ADJUSTMENTS
updated 08/19/14 11:35 AM
Rule Reviews Dollar Amounts
The Consumer Financial Protection Bureau (CFPB) is issuing its final rule on Truth in Lending Act (TILA) annual threshold adjustments, amending the regulatory text and official interpretations for Regulation Z, which implements TILA.
TIPs: MASTERCARD ZERO LIABILITY RULE
updated 08/12/14 10:29 AM
InfoSight Survey, FinCEN Advisory
The California and Nevada Credit Union Leagues have published TIPs Bulletin 14-15 (Technical Information and Procedures Bulletin), which addresses how MasterCard is revising its zero-liability rule in the United States by simplifying the language and applying the rule to all MasterCard-branded POS and ATM transactions (PIN-based).