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.
Answers to your crucial questions can be less than one business day away. Post your question here, and a talented R&I professional will get back to you quickly! Or if you prefer, call the R&I Hotline to speak directly with our knowledgeable consultants. R&I Hotline: 877-243-5728
Continue for Ask R&I
|January 28, 2015|
|TIPs Bulletin #15-04||2014 Residential Mortgage Loan Report|
|TIPs Bulletin #15-03||HMDA/LAR Reports|
|January 16, 2015|
|TIPs Bulletin #15-02||2015 Information Returns and Disclosures|
|January 15, 2015|
|TIPs Bulletin #15-01||Important Reminder: Limitation on Credit Card / Unsecured Open-end Credit Late Fees (CA Financial Code 4001)|
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.
|Jan Owen, Commissioner of the Department of Business Oversight (DBO)|
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.
TILA-RESPA RULE CHANGES FINALIZED
updated 01/26/15 04:27 PM
Plus, FinCEN Issues New SAR Stats
Proposed amendments by the Consumer Financial Protection Bureau (CFPB) to the TILA-RESPA Integrated Disclosure rule were finalized in late January. These changes are effective Aug. 1, 2015.
ELECTRONIC DBO FILING
updated 01/16/15 04:35 PM
TIPs Bulletins; Cuban Asset Reg.
The Department of Business Oversight (DBO) has standardized electronic forms for weekly and quarterly reporting of local agency deposits and securities, allowing financial institutions to submit their weekly reports to the DBO electronically rather than through the U.S. mail. This change was made possible by Assembly Bill 2298, which took effect Jan. 1.