Right to Financial Privacy

The Right to Financial Privacy Act of 1978 ("RFPA") protects the personal financial privacy of customers of financial institutions and members of credit unions by restricting federal government access to their financial records. The RFPA specifies procedures for federal government authorities who seek information about a member's financial records at a credit union. It also imposes limits and duties on credit unions prior to their release of information sought by federal government agencies.

In general, no government authority may have access to or obtain copies of financial records of any member from a credit union without giving notice to the member unless there are special circumstances. The federal government's ability to examine the financial affairs of customers of financial institutions is limited. Thus, a credit union should not release the records of a member unless the requesting agency has:

  1. a signed authorization of the member;
  2. a search warrant;
  3. a judicial subpoena;
  4. a summons or administrative subpoena; or
  5. a formal written request.
     

The Right to Financial Privacy Act (RFPA) applies only to federal agencies. Therefore, if a federal agency would like to gain access to a member’s account, the RFPA requires that the federal agency must provide these things unless there are special circumstances.

For additional information, click here for the topic.

Review the information today to help your credit union remain in compliance.

 

The CFPB to Host Payday Lending Webinar on July 26th

The CFPB will host a webinar Tuesday, July 26, 2016, from 3:00 – 4:00 PM EDT to provide an overview of the recent Notice of Proposed Rulemaking on Payday, Vehicle Title, and Certain High-Cost Installment Loans.

The webinar is open to industry trade associations and their members, and requires an RSVP. To RSVP, please visit https://goo.gl/eywZ9.

Participants may submit questions ahead of time on the RSVP page.  The CFPB intends to tailor the presentation to address as many questions as possible, the Bureau will not be answering real-time questions during the webinar. 

Source:  CFPB


New Resources Educate Consumers about Rights When Sending ​​Money Abroad

Consumers have new ways to learn about their rights and protections when sending money internationally through a new video and brochure recently released by the National Credit Union Administration.  

The video, available here, and brochure​ offer an overview of consumer protections provided under a rule issued by the Consumer Financial Protection Bureau. Consumers can also find basic information on sending money domestically and internationally on NCUA’s dedicated Wire and Remittances Transfer page. All resources are available in Spanish​.

Consumers who use remittance services offered by certain covered remittance providers are entitled to a number of protections, including:

  • disclosures showing ​actual exchange rates, fees, and the amount of money to be delivered in the local currency before the consumer makes a payment;
  • a receipt confirming the payment;
  • the right to cancel the transaction within 30 minutes of making the payment; and
  • the right to dispute errors and have them resolved.

Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within the communities they serve, NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission, an interagency group created by Congress to improve the nation’s financial literacy and education.

Source:  NCUA

 

CUNA Needs Your Feedback Regarding the CFPB Small Dollar Loan and Arbitration Proposals:
 

CUNA is currently seeking widespread feedback from credit unions about how the CFPB's small dollar proposed rule and arbitration proposed rule could impact credit union operations, and the ability to offer products and services. CUNA will continue to educate the Bureau about problems both of these rules could cause for credit unions and their members. Please check out the comment call and send comments, questions or concerns to Leah Dempsey, Elizabeth Eurgubian, Andy Price or Ryan Donovan.

Source:  CUNA Advocacy


CUNA Advocacy Update

The Regulatory Advocacy Report is now combined with CUNA’s Legislative Update into a comprehensive CUNA Advocacy Update.  The new Advocacy Update is published at the beginning of every week, is accessible here and keeps you on top of the most important changes in Washington for credit unions--and what CUNA is doing to monitor, analyze, and influence government agencies and federal law.


Prior CUNA Regulatory Advocacy Reports have been archived and are available here.


ComplySight: 30 Day Free Trial!

Would you like to get email notifications when regulations change? Small to large credit unions across over 30 different states do - and that's just one of the benefits. See for yourself with a free, 30-day trial of ComplySight.

ComplySight provides visibility, tracking, measuring and reporting for compliance activities through a single application. It is an affordable solution that:

  • Notifies users when regulations are finalized.
  • Assists in tracking Examiner and Audit findings.
  • Provides a summary of applicable regulations to test against existing policies, practices and procedures.

Compliance doesn't have to be overwhelming and this is a great opportunity to make things easier on yourself. 

League InfoSight is offering a free, 30-day trial of ComplySight so you can see the benefits first hand. It's easy to get started. Just visit us online.

FREE Webinars on ComplySight, the League's latest compliance resource

Registration is now open for your front row seat to learn about ComplySight, League InfoSight’s newest addition to your compliance toolbox. If you're looking for a solution to the compliance tidal wave, this system is for you!

RECORDED WEBINARS – Available ANY Time!

For “recorded” webinars, click on the title of the webinar to listen.  Users may be asked to download WebEx, which is a safe download for viewing the webinars.  These are also available on the Dashboard in ComplySight and are available 24/7! 

Introduction to ComplySight
Designed to introduce and show the many features and benefits of ComplySight.

ComplySight Training & TipsWhere to Start?
This webinar will: suggest a starting point as a new ComplySight user, discuss how Factor Grading works, review the Action Item Build/Edit process, and discuss the need for a compliance management tool that regulators - and you - will appreciate.

ComplySight Training & Tips Regulatory Alerts, Assigning Employees, Preview of L2.5, Tools in the Help Area
What should be done when you get an email about a Regulatory Alert?  Where are “old” Regulatory Alerts? How do I assign an employee to an Area, and what will be different with the upcoming Level 2.5?  And – what tools are available in the Help area?  This webinar will explore all of this – and more!

ComplySight Training & TipsHow to Export Data
When you need to archive or copy data out of ComplySight for a fresh start or to provide information for a Board meeting, this webinar will explain the process.

ComplySight Training & TipsReports in ComplySight
What information is contained on the reports in ComplySight and how are they used?

InfoSight
Compliance eNEWSLETTER

July 22, 2016
Vol. 10, Issue 29


Created in partnership with the

Credit Union National Association

Military Lending and 2nd Quarter 2016 Review

This recently released video provides an overview of the key changes made to the Military Lending Act that credit unions are going to need to consider and implement prior to the compliance effective date of October 3, 2016.  View the video here.

In this additional video, Glory LeDu, Manager of League System Relations, discusses the Compliance outlook for the 2nd Quarter of 2016 and reviews the 1st Quarter of 2016.  View the video here.

July, 2016 September, 2016 October, 2016 November, 2016
  • November 6th, 2016: Daylight Savings Time Ends
  • November 11th, 2016: Veterans' Day - Federal Holiday
  • November 24th, 2016: Thanksgiving Day - Federal Holiday
December, 2016
  • December 1st, 2016: Overtime Rule (Department of Labor) – Effective date
  • December 25th, 2016: Christmas Day - Federal Holiday

NCUA Webinars - Regulatory Compliance Training

Hot Topics in Compliance (click to register)

  • An overview of the Bank Secrecy Act, with discussion of requirements and common violations; 
  • Monitoring of money laundering; 
  • Suspicious Activity Reports; 
  • Equal Credit Opportunity Act adverse action notice requirements; and 
  • Office of Consumer Protection contact information. 

Cybersecurity – Intrusion threats and vulnerabilities

 

CUNA AND CUNA Webinars

CUNA offers hundreds of online training events that make it easy for you to learn right at your desk. Whether you are looking for a beginner course or want a comprehensive understanding on a specific topic, CUNA webinars, audio conferences and eSchools have what you need. 

Click here for updates on compliance, operations, lending topics and more!