Compliance

Important announcement about The League’s Compliance Specialist program

NEWS:  As of May 16, Laura Nelson has been promoted to Director of Compliance Specialist Program. Going forward, Laura will oversee the Compliance Specialist team and coordinate their work with our member credit unions around the state. Laura was formerly Manager of the Compliance Specialist Program so she is very familiar with the program and compliance.

League attorney Kim Hoppe will continue her work in Legal Affairs as Vice President of Legal Affairs, along with Paul Guttormsson - SVP & General Counsel, and Nikki Springer - Compliance Resource Manager.

What is the status of pending federal regulations?

ANAYLSIS:  As we all know, federal agencies under the Trump administration are now pulling back many recently issued regulations. If you’re having trouble keeping up with news about regulatory changes lately, you’re not alone.

Those who attended the breakout session titled “What’s ahead on the compliance horizon” last week at The League’s annual convention heard me discuss the status of several federal rules that are important for credit unions. As I promised the group, today’s Compliance Courier summarizes that material. For those who couldn’t make it to the breakout session, this Courier should help get you up to date.

CFPB withdraws 67 guidance documents

ANAYLSIS:  The CFPB recently announced that it is withdrawing 67 regulatory guidance documents it has issued since 2011. This includes guidance regarding fair lending, overdraft fees, buy now, pay later loans, earned wage access programs, and more.

The withdrawal is not necessarily final. The CFPB said that it will review these documents to decide whether some should be retained. In the meantime, the withdrawn guidance “should not be enforced or otherwise relied upon by the Bureau while this review is ongoing.”

President signs resolution nullifying overdraft fee rule