January 08, 2021

This week on the Compliance Blog: EIPs, NCUA exams, CFPB consent order

Compliance BlogAs credit unions work to meet the needs of more than 123 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:

History Repeats: More Stimulus Payments Are Here: In Monday's blog, NAFCU Regulatory Compliance Counsel Nick St. John offers several items to keep in mind as credit unions begin to process another round of economic impact payments (EIPs) following the passage of the Phase 4 coronavirus relief package.

NCUA Exams to Focus on Loan Accommodations and Fair Lending: NAFCU Regulatory Compliance Counsel Loran Jackson reviews NCUA’s expectations for loan accommodations provided by credit unions amid the coronavirus pandemic. Jackson highlights the agency’s webinar (available on-demand) which gives an update on current consumer compliance expectations.

CFPB Issues Another MLA Consent Order: In today’s post, NAFCU Vice President of Regulatory Compliance Brandy Bruyere reviews the CFPB’s recent issuance of a consent order with Omni Financial for violations of the Military Lending Act (MLA) and the Electronic Funds Transfer Act – the second such action from the bureau in recent weeks

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