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New on the Compliance Blog: CFPB UDAAP lawsuit, ‘pig butchering’ scams
As 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:
CFPB Files Suit Against Southern Lending Conglomerate: NAFCU Senior Regulatory Compliance Counsel Keith Schostag dives into the CFPB’s recent complaint against Heights Financial Holding Co. for “illegal loan-churning practices.” Schostag explains the company’s alleged violations of unfair, deceptive, or abusive acts or practices (UDAAP) in its efforts to push high-cost installment loans to consumers, and flags the need for safe, affordable small dollar, short-term loans.
Pig Butchering – FinCEN Alert: The Financial Crimes Enforcement Network (FinCEN) recently issued an alert to raise awareness of a new scam trend called “pig butchering.” NAFCU Regulatory Compliance Counsel Aminah Moore explains how the scam works and red flags credit unions should watch for to help determine whether members are being targeted.
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