November 02, 2023

New on the Compliance Blog: Credit card agreement exceptions, HELOC disclosures

compliance puzzleAs credit unions work to meet the needs of more than 138 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday. 

Here's a roundup of what's new this week:  

De Minimis Exception to Submitting Credit Card Agreements to the CFPB: Regulatory Compliance Counsel Tara Simpson follows up on her previous blog about submitting credit card agreements to the CFPB and potential exceptions. Monday’s blog focuses on the de minimis exception that may apply to smaller credit unions. Simpson highlights the corresponding regulation, as well as FAQs on the topic.

HELOC Application and Account Opening Disclosures: Senior Regulatory Compliance Counsel Keith Schostag explains application and account opening disclosures for Home Equity Lines of Credit (HELOCs). Schostag reviews what’s required to be in those disclosures, how they should be formatted, and other requirements.

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