Posted by Anthony Demangone
Survival
We've made it through another week.
Not a big deal, some may say.
But for a compliance officer in these times,
It's nearly a miracle, I dare say.
With that, here's are few items to digest.
State Attorney General Servicer's Settlement Sheet Agreement. It seems that not all state AGs are in agreement regarding all things in the agreement. At least a dozen states do not back the proposal. (Bank Lawyers Blog.)
CFPB . Yesterday's hearing with Elizabeth Warren didn't bring up all that much new material. But just in case you are interested, read this. Elsewhere, Rep. Spencer Bachus introduced legislation that would create a bipartisan 5-member commission to run the CFPB. Now, that is something new.
Complaints. NCUA clarifies its upcoming complaint process to NAFCU. They did confirm that if NCUA receives a complaint directly from a member, they will contact the credit union's supervisory committee, wait for a response, review it to see if a violation occurred, and then contact the member accordingly.
Matz, responding Monday, said the agency does occasionally see instances where a credit union has violated a consumer protection law or consumer compliance regulation. She said if the credit union resolves this, informs the member and makes the member whole, the OCP will confirm that with the member and close the complaint file. If no corrective action is taken and NCUA has enforcement authority, she said, “it is incumbent upon NCUA to notify both the credit union and its member accordingly.”
To date, NCUA has not published anything official on the new process. I'm just worried that NCUA will issue a letter to a member that says something like: "Dear member, your credit union violated the Truth in Lending Act when it did..." Letters like that are mother's milk to plaintiff's attorneys. Stay tuned.
Have a great weekend, everyone! Remember, NAFCU is hosting its Regulatory Compliance School next week. I'll be there all week long, and other NAFCU attorneys will be in and out accordingly. Your best bet to reach us is to email us at [email protected]. Response times may be a bit longer than usual, so we appreciate your patience.
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