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Compliance Specific News & Resources for GoWest Credit Unions
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Compliance Newsletter

COMPLIANCE HEADLINES


The White House Press Release 


Biden-Harris Administration Launches New Effort to Crack Down on Hassles that Waste Americans’ Time and Money 


The Presidential Administration released an initiative to crack down on all the ways corporations add unnecessary hassles to people that in turn degrade their quality of life. Examples of this include but are not limited to excessive paperwork, long hold times, “doom loops” of customer service calls, and general aggravations that pad the profits of big business at the expense of the people.  


The proposal will include: 

  • Making it easier to cancel subscriptions and memberships 

  • End airline runarounds by requiring automatic cash refunds 

  • Allowing people to submit health claims online 

  • Ensuring accountability for companies that provide bad service 

  • Help streamline parent communication with schools 

  • Taking on the limitations and shortcomings of customer service chatbots 


There has not been any proposed rule from the CFPB on this, but the administration is promising to act on this in the coming months.


 ___________________________________________________________________________ 


Consumer Financial Protection Bureau (CFPB) 


CFPB Takes Action to Stop Contract-for-Deed Investors from Setting Borrowers Up to Fail  


The CFPB released an advisory opinion and research report regarding contract-to-deed home financing. Under this form of financing, the seller agrees to turn over the deed after the buyer completes a series of payments. The issue with this form of financing is that the deals often have little oversight, leaving investor groups and other sellers to set several traps for the buyer that will leave them in unlivable homes, on the hook for tax liens and expensive repairs, and at risk of losing their down payments and home. The advisory opinion states that federal home lending rules and laws should cover contracts for deeds and provide key consumer protections.  


“The CFPB has found that investors are targeting people of faith with predatory mortgage products that set the borrower up to fail,” said the CFPB Director Chopra.  


Contract for deeds, also known as “land contracts,” “installment land contracts,” "land sales contracts,” and “bonds for deeds,” are structured such that the borrower carries the responsibilities of homeownership which include repairs, property tax, and improvements while not actually owning the title.  



League InfoSight Highlight


League InfoSight Highlight: NEW Fraud Channel on InfoSight!


We are very excited to have our first Fraud Symposium in the books! We were positively overwhelmed by the response to the program and were thrilled to have such wonderful speakers! Thanks to our League/Association partnerships, we were able to provide this training at no cost.


As the topic of Fraud continues to evolve, we are pleased to announce the launch of our new Fraud Channel in InfoSight. The new Fraud Channel is structured with a Fraud Introduction, then takes a deeper dive into more detailed topics of Fraud Risk Management, Internal Fraud, Cyber-Enabled Fraud, Check Fraud, Wire Fraud, and more. The recordings from the Fraud Symposium will be added to the channel as they become available. If you missed the live Symposium, please make sure you check out the new Fraud Channel in InfoSight to access the recordings at your convenience!


We plan to use this channel to continually develop valuable content and keep our credit unions current on the latest fraud trends. As always, we would love your feedback!  Let us know which Fraud topics are most important to your credit union by contacting us at info@leagueinfosight.com.


Glory LeDu

CEO, League InfoSight and CU Risk Intelligence



ARTICLES OF INTEREST


Provisional Credit under Regulation E 


NCUA Board approves proposal to standardize data submitted to regulators 


We have a hit on the OFAC list. Now what? 


SCAM UPDATES


Got a barcode from your utility company to make a payment? That’s a scam 



COMPLIANCE CALENDAR

Sept. 3, 2024: Comments Due – FinCEN AML/CFT Program Amendments 


Sept. 9, 2024: Comments Due – CFPB Proposed Mortgage Servicing Amendments 


Sept. 23, 2024: NCUA Proposed Rule on Succession Planning 


Sept. 24, 2024: NCUA Proposed Changes to Agency Information Collection Activities 


Oct. 8, 2024: Comments Due NCUA Proposed Anti-Money Laundering and CFT Program Requirements 


TOOLS & RESOURCES

Effective Dates
Bulletins & Alerts
Webinar Calendar
AffirmX and GoWest Partnership

Q&A OF THE WEEK

In regards to the SAFE Act, what information about the MLOs will be made available to the public? 


Per the Final Rules notice.  "(iii) Authorize the Registry to make available to the public information required by paragraphs (d)(1)(i)(A) and (C), and (d)(1)(ii) through (viii)" 

For your individualized login, select your state below. 

Arizona
Colorado
Idaho
Oregon
Washington
Wyoming

If you have questions about this communication, contact us at 800.546.4465 or via our shared email inbox at compliance@gowest.org.

Have a great weekend!

Your GoWest Compliance Team, 

David Curtis

CUCE

Director, Compliance Services
P: 206.340.4785

Tiarra Sanders-Hausa

NCCO

Manager, Compliance Services

P: 206.618.9302

Copyright © 2023 GoWest Credit Union Association. All Rights Reserved.

Mailing Address:
GoWest Credit Union Association, 18000 International Blvd, Ste. 1102, SeaTac, WA 98188, United States
1.800.995.9064

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