Check out the latest Credit Card compliance update from the Farleigh Wada Witt Attorney’s Office. Regulation Z – Nov. 4, 2010
News
AuditLink assistance with Reg V
Another day, another regulation. The latest, Regulation V, places disclosure requirements upon institutions using risk based pricing models when determining the interest rates on member loans. Effective January 2011, the regulation requires you to notify a member of their credit score when they are approved for a loan. There are varying methods to comply with […]
Regulation V—Hits the road running
Just when we all thought we could breathe a sigh of relief from the barrage of regulatory changes, Regulation V hits us square between the eyes. Regulation V places disclosure requirements upon institutions using risk based pricing models when determining the interest rates on member loans. The verbiage of Regulation V is confusing to the […]
Electronic Version of BSA Manual
If you haven’t had a chance to to read through all 439 pages of the Bank Secrecy Act/Anti-Money Laundering Examination Manual that was issued on April 29, 2010….now is your chance! The FFIEC has finally posted the electronic version of the manual for your viewing pleasure. FFIEC Electronic BSA Manual
Big Day for Penalty Fees
Most of you are aware that August 22nd marks another important Regulation Z deadline. This means you cannot charge a penalty fee greater than the amount of the underlying transaction. What does this mean to you? When the minimum payment on a credit card account is $15 and that account has gone delinquent, the amount […]
Understanding the 2009 CTR Exemption Rule
FinCEN recently released feedback regarding the 2009 CTR Exemption Rule which took effect on January 5, 2009. The purpose of this amendment is to simplify the Designation of Exempt Persons (DOEP) process which in turn will reduce the number of CTRs filed. So has this rule assisted in reducing the amount of CTRs filed? […]
In case you were wondering how you will comply with Reg GG – Unlawful Internet Gambling Enforcement Act
The FDIC recently publish the examiners procedural document they will be using to evaluate if you are in compliance with Reg GG. This document does an excellent job of explaining the nuances of the regulation as well as what you need to do to make sure you are following the regulatory requirements. http://www.fdic.gov/news/news/financial/2010/fil10035.html
AuditLink Advisor – Edition 10 / April 12, 2010
Multi-Featured Open-End Lending (MFOEL) Note: It appears that only CUNA Mutual is requesting the following changes. If your credit union is using another MFOEL lending platform, please contact Jim Vilker with your provider’s specific changes, if required. Three weeks ago, a few credit unions began to receive instructions from CUNA Mutual Group (CMG) regarding the […]
Heartland Victims Feel Ongoing Pain of Debit Card Debacle
The massive security breach at Heartland continues to sting credit unions. MidFlorida Federal Credit Union had to issue 12,000 new debit cards this week after detecting continuing attempts to defraud their members as a result of the Heartland disaster. The total number of reissued debit cards is now 17,000 for this credit union alone. MidFlorida […]
AuditLink Advisor – Edition 9/March 3, 2010
Recommendations for the Credit CARD Act The sky is not falling, but let any more legislation like this go through Congress and things just might get a little tight… During the last 3 months we have all been anxiously awaiting the Federal Reserve’s final interpretation of the Credit CARD Act. In the middle of January […]