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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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NEW SPANISH TILA-RESPA TOOLKIT
updated 07/28/15 09:18 AM
Plus, Unclaimed Property Seminar
The Consumer Financial Protection Bureau (CFPB) has released a Spanish edition of “Your Home Loan Toolkit,” the consumer guide that is designed to replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures rule goes into effect on Oct. 3.

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POLICYWORKS LEAGUE COMPLIANCE SITE
updated 07/21/15 08:59 AM
League Member-Exclusive Content
The PolicyWorks League members’ only website provides member credit unions with ongoing compliance support as benefit of League membership. The website houses a library of compliance information and communications to assist credit unions with their compliance needs.

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