Federal Trade Commission (FTC)  

Texas Judge Blocks FTC’s Impending Ban on Non-Competes 

A Federal Judge from Texas has issued a preliminary order against the FTC’s ban on non-compete agreements. Judge Brown ruled in favor of Ryan LLC, a tax service firm out of Dallas that utilizes non-compete agreements for its employees. Ryan LLC argued that the FTC was overstepping its legal authority by banning non-competes.  

The FTC originally proposed a rule banning most non-compete agreements in January 2023. The final rule was issued on April 23, 2024, with a 3-2 vote. They ruled that non-compete clauses are “unfair methods of competition” under Section 5 of the FTC Act and therefore should be banned with few exceptions for existing non-compete clauses. This ban was scheduled to come into effect September 4, 2024. The full rule can be found here.        

Ryan LLC sued to block the rule, and on July 3rd, Judge Brown decided to postpone the date that the non-compete ban would come into effect with the final ruling expected on August 30. The court has tipped its hand in its decision, stating that “The court concludes the commission has exceeded its statutory authority in promulgating the non-compete rule, and thus plaintiffs are likely to succeed on the merits.” 

As of now, employers should follow the results of the August 30 ruling. Despite it appearing that the court will rule in favor of Ryan LLC, it is possible that it will decline to issue a nationwide injunction in which companies that utilize non-compete agreements may find themselves at risk of lawsuit, should they fail to comply. 

 ___________________________________________________________________________ 

Consumer Financial Protection Bureau (CFPB) 

CFPB Updates Small Business Lending Filing Instructions Guide   

The CFPB issued the 2025 Small Business Lending Filing Instructions Guide, which updates the compliance dates used in the filing instructions to correspond with the new compliance dates for the rule. The 2025 updates include updating: 

• References that use the year 2024 to references that use the year 2025 throughout the guide. 

• The applicable filing period for this guide to reflect the updated Tier 1 compliance dates of July 18, 2025, through December 31, 2025, (as discussed in the Interim Final Rule). 

• The Action Taken Date & Application Date data point examples so that they reflect the new compliance dates and use year 2025. 

• The validation ID E0321 to reflect the updated filing period based on the new Tier 1 compliance dates. 

The CFPB has also updated other resources to reflect the extended compliance dates. 

League InfoSight Highlight: Small Credit Union Resources

Training small credit union staff and board members is one of my favorite things to do. My goal is typically to provide a concise, high-level overview of the issue and then focus on the tools and resources available for future reference. When staff is back in the office or the situation arises, they will know exactly where to go to get the information they need. 

I’ve heard a few of our small CU CEOs mention that there isn’t enough time in the day, and they struggle to find time to research available options. Having a trusted consultant to advise them on the best resources available would be beneficial. I don’t disagree. With so many different resources out there, it’s hard to know where to begin. To help guide your search, this article aggregates some League/Association-owned resources that we believe are helpful for smaller credit unions to consider.

InfoSight

Various state and federal topics are covered with summaries, checklists, FAQs, regulatory links, and related resources. 

Some specific topics:

• Board Responsibility – Small Credit Union Topic
• Fraud Channel (New this month!)
• Security – Security Program for Credit Unions, Cybersecurity Resources

Additional Resources:

• Compliance Videos – Short videos to stay up to date with regulatory changes
• Check Deposit Notice Generator – Generate hold and other check deposit notices for members
• InfoSight Listing by State – Get state laws for all 50 states
• Required Compliance Training – Understand what training is required for staff and the board
• Account Insurance Estimator – Help ensure your member’s funds are insured

CU PolicyPro

In addition to numerous model policies and procedures that are helpful for small credit unions, the system also has the following features:

• Maintain and store board meeting packages
• Access provided content and technical support
• Utilize the new model Succession Plan Template
• Leverage Sample Forms, such as Employee Family Account Disclosure Form

RecoveryPro

Model content guides credit unions with the creation of a comprehensive business continuity plan that can be customized for your credit union’s business processes.

• Same technology as CU PolicyPro
• Cost as low as $249 annually if you are under $50 million in assets and affiliated with your League/Association
• Content and technical support is provided

Regulatory Audits

Required regulatory audits can be provided through AffirmX.

• 2-Audit Bundle includes the required annual BSA and ACH audits
• All audits are conducted virtually
• Priced as low as $2,000 for credit unions under $50 million in assets
• Access to tools to build required risk assessments

Vendor Management

Third-party vendor management services offered at competitive pricing that is based on the number of vendors the credit union utilizes.

• Personalized service with a dedicated analyst and support staff
• Centralized storage and aggregation of contracts and due diligence information.

Whatever your needs may be, the League InfoSight team is here to help! You can reach out to us anytime at info@leagueinfosight.com or your League/Association representative.

Glory LeDu
CEO, League InfoSight and CU Risk Intelligence

What Buy Now, Pay Later lenders are doing to be upfront with borrowers 

IRS Issues Important Interim Guidance on Employer Matching Contributions Made to Retirement Plans Related to Employee Student Loan Payments 

CFPB Takes Action Against Fay Servicing for Illegal Foreclosure Actions and Violating Law Enforcement Order 

How to Get Legit Information About Your Federal Student Loans

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 

We are a small and very busy credit union. May we put off collecting the requested information from the government agency on a member's financial records? 

No.  The Right to Financial Privacy Act says that a receipt of a request for financial rec­ords made by a Government authority under section 3405 or 3407 of this title, the financial institution shall, unless otherwise provided by law, proceed to assemble the records requested and must be prepared to deliver the records to the Government authority upon receipt of the certificate required under section 3403 (b) of this title. 

For your individualized login, select your state below. 

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, 

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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