December 03, 2021

New on the Compliance Blog: Understanding the scope of OFAC sanctions, CFPB’s debt collection rule, more

ComplianceAs credit unions work to meet the needs of more than 127 million Americans during the coronavirus pandemic, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday, Wednesday, and Friday. 

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

Beyond the SDN List: The Scope of OFAC Sanctions; NCUA Proposes Extended Exam Cycle Changes: NAFCU Regulatory Compliance Counsel Nick St. John dives deeper into the basics of complying with sanctions and regulations as well as some frequently asked questions regarding the Treasury Department’s Office of Foreign Assets Control (OFAC), specifically beyond OFAC’s Specially Designated Nationals (SDN) list. St. John describes other lists aside from the SDN that compliance professionals should consider when dealing with OFAC, including the Sectoral Sanctions Identifications (SSI) and Consolidated Sanctions Lists. Of note, the blog also details NCUA’s proposed extended exam cycle changes in its proposed 2022-2023 budget

Debt Collection Rule and Call Limits—A Second Look: NAFCU Senior Regulatory Affairs David Park takes a closer look at the CFPB’s debt collection rule, which amended Regulation F, and is currently in effect. Park details the call limits in section 1006.14 of Regulation F which provides debt collectors with guidance about what may constitute conduct that violates section 806 of the Fair Debt Collection Practices Act (FDCPA). The blog tackles the call limits currently in the rule and what steps to take if a debt collector needs to make additional calls beyond the limits.

Preparing for the Death of a Member: In today’s blog, NAFCU Regulatory Compliance Counsel Keith Schostag discusses ways credit unions can prepare for the death of their members and their accounts and common issues they could face during that time. Schostag details issues credit unions may face regarding share accounts, share insurance, credit cards, and loans secured by real property, to help staff in the event of a death of a member. 

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