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National Credit Union Administration (NCUA)
Agencies Issue Statement on Elder Financial Exploitation
The NCUA along with the other federal financial institution regulatory agencies, FinCEN, and state financial regulators issued a statement to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation.
Older adults who experience financial exploitation can lose their life savings and financial security and face other harm. A FinCEN trend analysis of BSA reports found about $27 billion in reported suspicious activity was linked to elder financial exploitation.
Credit unions play an important role in combatting elder financial exploitation and supporting their members who experience these crimes. The statement provides examples of risk management and other practices including:
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Consumer Financial Protection Bureau (CFPB)
An Analysis of the First Seven Months of the Federal Student Loan Return to Repayment
The CFPB released a research report which looked into how borrowers transitioned to repayments after the COVID-19 emergency multi-year pause on federal student loan interest and payments which ended Sept. 1, 2023. Key findings include:
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Almost half (47 percent) of student loan borrowers entering repayment for the first time are not actively repaying. Additionally, 21 percent of borrowers new to repayment successfully made their payments in April 2024, and another 21 percent had $0 scheduled payments.
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Borrowers who live in low-income areas remain more likely to struggle to repay their student loans and other types of credit. Borrowers who have missed student loan payments are 27 percent more likely to live in a high-poverty area, consistent with borrowers with missed payments struggling more broadly. These borrowers are also about 60 percent more likely to be delinquent on a non-student loan debt than student loan borrowers overall. Similarly, borrowers with $0 scheduled monthly payments (likely due to meeting required low-income thresholds under IDR plans) are 33 percent more likely to live in a high-poverty area and are about 30 percent more likely to have delinquencies on other types of credit accounts than borrowers overall.
CFPB Issues Proposed Rule to Limit the Sale of Personal Identifies by Data Brokers
The CFPB issued a proposed rule to amend Regulation V and update the Fair Credit Reporting Act’s (FCRA’s) definitions of consumer report and consumer reporting agency as well as certain of the FCRA’s provisions governing when consumer reporting agencies may furnish, and users may obtain, consumer reports. The proposed rule is designed to ensure that the FCRA’s protections are applied to sensitive consumer information that the statute was enacted to protect, including information sold by data brokers.
To address risks from abuses in the sale of personal information, the proposed rule would:
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Treat data brokers just like credit bureaus and background check companies: Companies that sell data about income or financial tier, credit history, credit score, or debt payments would be considered consumer reporting agencies required to comply with the FCRA, regardless of how the information is used.
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Protect consumers' personal identifiers from abuse and misuse: When consumer reporting agencies collect information like names, addresses, or ages for credit reports, any subsequent sale of that information would be covered by the FCRA's protections.
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Require clear consumer consent for data sharing: Under the proposed rule, companies relying on consumers’ consent to obtain or share a consumer’s credit report would need separate, explicit authorization to do so, rather than burying permissions in fine print.
Comments are due by March 3, 2025.
CFPB Bans Student Loan Pro and Owner for Fee Harvesting Scheme
The CFPB has acted to permanently ban Student Loan Pro and Judith Noh, the owner of Student Loan Pro, from offering or providing consumer financial products. It has been alleged that Student Loan Pro and Noh violated federal law by charging borrowers upfront fees to file paperwork on their behalf to access free debt-relief programs available to the consumers with federal student loans. The CFPB’s stipulated judgement would also require Noh to dissolve Student Loan Pro and its related business, FNZA Marketing, LLC, and pay a civil penalty.
Student Loan Pro, formed in 2015, is a California-based business that telemarketed debt-relief services for consumers with federal student loans. In 2021, the CFPB filed a lawsuit alleging that Student Loan Pro, Judith Noh, and Syed Gilani, the manager at the time, violated the Telemarketing Sales Rule by requesting and receiving advance fees as high as $795 for debt-relief services. Student Loan Pro’s advance-fee violations cost 3,300 consumers $3.5 million in advance fees.
CFPB Announces Return of $1.8 Billion in Illegal Junk Fees to 4.3 Million Americans Harmed in Massive Credit Repair Scheme
The CFPB will be distributing $1.8 billion to 4.3 million consumers that were illegally charged advance fees or were subjected to allegedly deceptive bait-and-switch advertising by credit repair companies including Lexington Law and CreditRepair.com. This will be the largest distribution from the CFPB’s victim relief fund to date.
In August 2023, the CFPB secured a legal judgment against these credit repair companies after a district court ruled that the companies violated the Telemarketing Sales Rule’s advance fee prohibition. Under this law, credit repair companies that engage in telemarketing cannot collect fees until they provide documentation showing that they have achieved the promised results. Due to this ruling, the companies have had to fill Chapter 11 bankruptcy protection.
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U.S. District Court in Texas Issues Injunction Against Enforcement of Corporate Transparency Act
U.S. District Court Opinion Enjoining Enforcement of CTA
With less than one month to go before the mandatory compliance date for the Corporate Transparency Act (CTA), a federal district court in Texas has issued a preliminary injunction which blocks the Department of Treasury from enforcing the reporting requirements of the CTA as provided for in FinCEN’s final rule.
The CTA mandated that more than 32 million small businesses disclose information about the beneficial owners of the business to FinCEN. After the mandatory compliance date of Jan. 1, 2025, any business that had not reported the information to FinCEN could be assessed fines up to $500 per day.
In the opinion, Judge Mazzant strongly rebuked the CTA for overstepping constitutional boundaries since corporate regulation generally falls within state jurisdiction. “For good reason, Plaintiffs fear this flanking, quasi-Orwellian statute and its implications on our dual system of government,” Mazzant wrote.
For credit unions, this injunction does not change existing FinCEN regulation that requires the credit union to obtain and verify information about the beneficial owners of legal entity members doing business with the credit union.
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2025 Branch Signage Requirements
| Posting Requirements |
Reference Source |
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1. Equal Housing Lender Poster
- Does the credit union visibly display the most current fair housing poster to all customers entering the credit union to make loan applications?
- Does the credit union display the Equal Housing Lender/Opportunity Logo on their website?
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Fair Housing Act
24 CFR 110.15 12 CFR 701.31 (d) (2) |
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2. NCUSIF
- Does the credit union display the required share insurance signage at all stations or windows where deposits are received?
- This does not include ATMs.
- This does include drive up Teller Windows.
- Does the credit union display the NCUA logo on their website? The logo should be large enough for a consumer to read without any action being taken (such as hovering over the logo).
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Share Insurance
12 CFR 740.4 |
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3. Funds Availability Disclosure
- Is the Funds Availability Disclosure posted where it can be seen by a member prior to them making a deposit?
- This excludes drive-up windows and night drops.
- Is the Funds Availability Disclosure displayed at each proprietary ATM?
- Do the preprinted deposit slips contain a notice that deposits may not be available for immediate withdrawal?
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Reg CC 12 CFR 229.18 |
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4. Home Mortgage Disclosure
- Is the general notice about the availability of the HMDA data displayed in the lobby of the credit union’s home office and each branch office located in the MSA?
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Reg C 12 CFR 1003.5 |
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5. USA Patriot Act
- Is notice that describes the credit unions identification requirements under the Patriot Act provided to members? It may be provided as a notice in the lobby, on the website (for web-based account opening), as a notice with the account application.
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BSA requirements
31 CFR 1020.220 (a)(5)(iii) Article VII, Section 6 (c) |
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6. Statement of Financial Condition
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Federal Credit Union Bylaws |
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7. Shared Branching Insured Credit Union Sign
- If the credit union participates in shared branching, does the credit union display the sign next to the NCUA Insurance Notice?
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Share Insurance 12 CFR 740.4 (c) |
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8. ATM withdrawal fee disclosure on ATM
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Regulation E 12 CFR 1005.16 |
OTHER CONSIDERATIONS
| Requirement |
Reference Source |
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1. Mutual funds, annuities, and other non-deposit investment products
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If credit union offers investment products, ensure any signage or promotional material does not convey or suggest that the products are covered by share insurance.
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The signage should inform the member that:
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The products are not federally insured.
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Are not obligations of the credit union.
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Are not guaranteed by the credit union or any affiliated entity.
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Involve investment risk, including the possible loss of principal.
And, if applicable, are being offered by an employee who serves both functions of accepting members’ deposits and the selling of non-deposit investment products. |
NCUA Letter to Federal Credit Unions
10-FCU-03 |
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2. Loan Interest Rates
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Truth in Lending
12 CFR 1026.16
12 CFR 1026.24 |
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3. Share Account Dividend Rates
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Truth in Savings
12 CFR 1030.8
12 CFR 707.8 |
EMPLOYEE SIGNAGE REQUIREMENTS
| Posting Requirement - Federal |
Reference |
| 1. Employee Polygraph Protection Act |
US Department of Labor – WH Publication 1462 – July 2016 |
| 2. Equal Employment Opportunity |
EEOC-P/E-1 (Revised 6/2023) |
| 3. Your Rights Under USERRA – The Uniformed Services Employment and Reemployment Rights Act. |
US Department of Labor – Poster Publication Date May 2022 |
| 4. Federal minimum Wage Poster |
Minimum Wage Poster (04/23) |
| 5. OSHA Job Safety and Health |
OSHA 3165-02 (2023) |
| 6. Family Medical Leave - Federal |
FMLA Poster (04/2023) |
| 7. IRS Notice 797 Possible Federal Tax Refund for Earned Income Credit |
Notice 797 (11/2023) |
| Posting Requirement - Washington |
Reference |
| 1. Washington Department of Labor and Industry “Your Rights as a Worker in Washington State” |
F700-074-000 (9/2023) |
| 2. Washington State Minimum Wage Poster
Both English and Spanish (Recommended, not Required) |
Minimum Wage posters (2025) |
| 3. Washington State “Unemployment Benefits” |
RCW 50.20.140
EMS 9874.CC 7540-032-407 Rev 10/17 |
| 4. Washington State “Washington State Law Prohibits Discrimination in Employment.” |
Washington State Human Rights Commission - Brochure (4/2015) |
| 5. Washington Department of L&I “Job Safety and Health Law” Poster |
Publication F416-081-909 (7/2022) |
| 6. Washington Department of L&I “Notice to Employees – If a Job Injury Occurs” On the job injuries. |
F242-191-909 (12-2012) |
| 7. WA State- No Smoking Signs
Required at entrance of all buildings |
RCW 70.160.050 |
| 8. Washington State Paid Family and Medical Leave |
2024 English Poster |
| 9. Washington State Domestic Violence Poster |
Domestic Violence Poster Rev 07/19 |
| 10. Washington State Captive Meeting Notice |
Employee Free Choice Act Notice – Not available on ESD website as of 11/2024 |
| Posting Requirement - Wyoming |
Reference |
| 1. Wyoming-Specific Labor Law Posters |
Labor-Law-Wyoming (12/2023) |
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League InfoSight Highlight: The Power of Integration: InfoSight360!
For years, InfoSight, CU PolicyPro, and RecoveryPro have stood as leaders in their respective categories, each known for their unique functionality and industry-leading content. We have listened closely to credit union feedback and realized that the future is about creating a more unified experience – one where the strengths of our products come together in a way that not only amplifies their individual features but also creates new possibilities.
As you may have heard, in 2025, we will be unveiling InfoSight360, a groundbreaking product combination that brings together the best elements of our three flagship products into one seamless solution. This all-new offering promises to redefine how you interact with our technology, bringing comprehensive compliance information, policies, and business continuity planning (BCP) resources together in one place.
InfoSight360 Key Features
While we can’t give everything away just yet, here’s a glimpse of what you can expect from InfoSight360:
- Enhanced AI Search: Whether asking specific questions or searching key words and phrases, the AI Search feature intelligently analyzes all available content to provide comprehensive answers.
- Easy Access to Resources: Our new landing page puts quick links to the most relevant and frequently used features right at your fingertips, making it easier than ever to access the tools and content you need with just a click.
- My 360 View: For users who prefer a more detailed and personalized experience, the My 360 View dashboard offers flexible widgets and real-time data feeds, so you can design a workspace that highlights the content and features most important to you.
- Content Update Notifications: Stay informed on the latest developments that matter most to you through tailored notifications regarding changes to compliance content, model content, and the credit union’s custom content.
- State-Specific Content: Research state-specific content and compare information across two different states to quickly access relevant data, identify key differences, and make informed decisions with minimal effort.
InfoSight360 goes beyond simply blending existing technologies – it creates a powerful foundation for further innovation and development.
As we approach the release date, we will be sharing more updates, sneak peeks, and behind-the-scenes looks at the product development.
Please reach out to info@leagueinfosight.com if you have any ideas or questions. We would love to hear from you!
Mary Ann Koelzer
Senior Technology Products Manager, League InfoSight
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