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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Institutions subject to Consumer Financial Protection Bureau (CFPB) jurisdiction, including credit unions and indirect auto lenders, should take steps to ensure they are operating in compliance with the Equal Credit Opportunity Act (ECOA) and Regulation B as applied to dealer-markup and compensation policies.
Click here to read the entire Asked and Answered column within the April/May edition of Credit Union Digest on page 20.
Fair Lending Exam Update
The Credit Union National Association (CUNA) Compliance Blog has posted valuable information on the National Credit Union Administration’s (NCUA) fair lending examinations.
The agency completed 41 off-site supervision contacts last year and plans to complete approximately 50 off-site supervision contacts in 2014.
NCUA has implemented a risk-focused approach to conducting on-site examinations and off-site supervision contacts. Examinations include a transactional review of fair lending risk factors, plus a review of the credit union’s fair lending compliance management system.
Examination focal points and contact scoping are based on multiple factors, including Home Mortgage Disclosure Act (HMDA) reporting outliers and violations identified in safety and soundness examinations, or through the complaint process. Supervision contacts also review a credit union’s fair lending compliance management system.
Click here for more information and resources.
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.
OFAC RETIRES INDEPENDENT DATA FILES
updated 07/14/15 09:40 AM
Plus, NCUA Guidance on FOM Rule
The Office of Foreign Assets Control (OFAC) has retired independent data files for the Foreign Sanctions Evaders (FSE) List, the Sectoral Sanctions Identifications (SSI) List, and the Non-SDN Palestinian Legislative Council (NS-PLC) List.