Newsroom
Top 5 compliance issues of November: Overdraft and RDC patent litigation, CCPA regs
NAFCU's award-winning compliance team works daily to offer compliance assistance and services to keep credit unions informed of the ever-changing regulatory environment. Each month, the team answers hundreds of compliance-related questions and blogs on key issues. In 2019, the team answered numerous member questions, while authoring blog posts, articles, charts, guides and tools.
View NAFCU's 2019 Accomplishments for more on their work. Here were the five most popular topics in November.
Overdraft Class Action Litigation: In response to an influx of inquiries from credit unions that have either received a demand letter or notice of a complaint filed related to overdraft and insufficient funds fees, NAFCU Vice President of Regulatory Compliance Brandy Bruyere provided high level information to help credit unions analyze risks.
Remote Deposit Capture (RDC) Litigation: In another blog post, Bruyere provided an update on RDC litigation, following a ruling in Texas determining that Wells Fargo had intentionally infringed on USAA's mobile RDC patents.
California Consumer Privacy Act (CCPA): Ahead of the Dec. 6 deadline to submit written comments, NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge highlighted the requirements and proposed regulations of the CCPA. NAFCU plans to submit comments on the proposed regulations, and member credit unions are encouraged to share their feedback with NAFCU Regulatory Affairs Counsel Mahlet Makonnen.
Bank Secrecy Act/Anti-Money Laundering Penalties: In September, the Financial Crimes Enforcement Network published a final rule to reflect the annual inflation adjustment to its civil monetary penalty amounts for BSA violations. Shari Pogach, NAFCU's regulatory paralegal, broke down the new penalty amounts in a blog post.
Check Fraud: NAFCU Regulatory Compliance Counsel David Park gave an overview of a special circumstance related to allocation of loss when a scam victim unwittingly writes a check to a fictitious person under the model Uniform Commercial Code.
Have a question for the team? NAFCU member credit unions have direct access to the association's Compliance Team via email or the compliance helpline for assistance with federal compliance issues.
Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday, and Friday. The association's Compliance, Risk & BSA Network is also a great member-only resource where compliance professionals share insights and information on various issues.
Share This
Related Resources
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Add to Calendar 2024-04-23 09:00:00 2024-04-23 09:00:00 Operational Agility: Key Factors for Success in 2024 and Beyond Listen On: Key Takeaways: [02:34] A lot of people think of fraud losses and they are very mindful of what that means for their organization and their bottom line but we are thinking about it from a cost perspective beyond that. [06:38] When you should engage has a lot to do with how long it would take to potentially replace your current service provider. [10:45] Sidecar is not your primary core solution but it is something that allows you to go to market maybe under a different brand or different set of technology. [15:21] Focus on the tech stack maybe a little bit more than you used to. Enable that tech stack to allow you to be agile going forward and you will be able to focus a lot more on the member than running an IT shop Download SRM's Focus on Operational Agility to Achieve Success in 2024 Report Web NAFCU digital@nafcu.org America/New_York public
Operational Agility: Key Factors for Success in 2024 and Beyond
preferred partner
Strategic Resource Management
Podcast
The Bottom Line on Insurance Tracking and Collateral Protection
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.