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Research & Compliance     

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Compliance

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From the Editors of CU Weekly

Jan Owen, Commissioner of the Department of Business Oversight (DBO)
CUs URGED TO MONITOR ILLEGAL LENDERS
updated 10/11/13 07:15 AM
DBO Requests Account Cut-Off
California Department of Business Oversight (DBO) Commissioner Jan Owen has requested that state-licensed credit unions work with her department in cutting off illegal (unlicensed) payday lenders' access to member accounts.

Illegal payday loans made over the Internet are made possible in California by credit and debit transactions that pass through the Automated Clearing House (ACH) network.

Owen is urging state-licensed credit unions to monitor transactions with any unlicensed lender and immediately report potential violations to DBO.

Credit unions that are Originating Depository Financial Institutions (ODFIs) should look to discontinue any ACH transactions or refrain from doing business with these unlicensed payday lenders. Credit unions that are Receiving Depository Financial Institutions (RDFIs) should look to monitor member complaints of unauthorized transactions, particularly those involving online payday lending companies.

If any credit union detects a trend of a high number of unauthorized claims from a certain lender, it should notify the DBO. It may also trigger a suspicious activity report (SAR) filing. If not done already, the credit union may want to implement procedures allowing it to identify such trends.

Owen's department is actively pursuing, with cease-and-desist orders, unlicensed companies who are offering payday loans to California consumers over the Internet in violation of California law.

Click here to read the DBO commissioner's letter on Illegal Online Payday Loans Offered and Sold to California Customers.

 
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ACCESS COMPLIANCE BULLETINS TODAY
updated 08/24/15 10:09 AM
Plus: 'NCUA Report' Posted
As a reminder, “TIPS Bulletins” have transitioned to PolicyWorks and will continue as compliance bulletins on the PolicyWorks website.

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POLICYWORKS COMPLIANCE BULLETINS
updated 08/18/15 08:39 AM
And, Integrated Disclosure Q&A Index
The latest PolicyWorks newsletter is now available, providing compliance bulletins, regulatory updates, educational opportunities, and helpful compliance tips. Click here to access the newsletter using your email address and California and Nevada Credit Union League members-only password. California and Nevada credit unions also have access to PolicyWorks compliance support at 844-731-6072 or California and Nevada credit unions also have access to PolicyWorks compliance support at 844-731-6072 or CANV@policyworksllc.com.

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