Compliance

CFPB extends compliance deadlines for small business lending data collection

NEWS:  The CFPB has issued an interim final rule, amending its small business lending rule under the Equal Credit Opportunity Act (Reg. B) to extend the compliance dates until 2027-28.

The change should ease uncertainty about compliance with the rule. The rule is still on the books – it has not been repealed – and litigation has only resulted in court-ordered stays of the rule for the plaintiffs who filed those cases. The new rule extends the compliance deadlines for all covered lenders.

League to file "friend of the court" brief in consumer class action suit

NEWS: The Wisconsin Supreme Court has granted a request by The League – together with the Wisconsin Bankers Association and the Wisconsin Financial Services Association – to file a joint “friend of the court” brief in a case regarding class action lawsuits under the Wisconsin Consumer Act (“WCA”).

The case does not involve a credit union, but it presents an important issue for credit unions (and other lenders) in Wisconsin that face WCA class actions.

America’s Credit Unions shares guidance on ICE encounters

TIP:  America’s Credit Unions says that a number of credit unions have asked them about:

• The presence of U.S. Immigration and Customs Enforcement (ICE) and whether they can be restricted if those officials attempt to enter the credit union’s premises, including branch locations and attendant parking lots; and 
• Whether and under what circumstances the credit union can share the financial records of members who have used an Individual Taxpayer Identification Number (ITIN) as their method to confirm personal identity through the Customer Identification Program (CIP) process.

Reminder: Regulation CC Changes Effective July 1st