ViClarity Compliance Update

Free webinar on fraud claims & P2P services; CFPB issues final guidance on real estate transactions; NCUA proposes rules on directors’ compensation; and more. 

The Dakota Credit Union Association’s dues-supported compliance solution –  ViClarity – is a world leader in credit union compliance. To read the complete articles/answers that are linked, you will need to log in with your username and password. If you have questions about establishing your members-only account with ViClarity, click here for detailed instructions or contact John Alexander in the DakCU office.

Free Webinar: Cracking the Case - A Closer Look at Fraud Claims & P2P Services
Is your credit union unsure of how to handle peer-to-peer (P2P) claims, or when you are required to investigate? Ponder no more! Join ViClarity Compliance Officer Sabrina Ducksworth-Brown as she explains the regulatory landscape surrounding P2P transfers, common P2P payment platform scams, the nuances of P2P transfers and how to handle fraud claims for Zelle, Cash App, Apple Pay, Venmo and other P2P payment platforms. The webinar will take place on Thursday, September 26, at 1:00 p.m. (CT). Sign up here.
 
CFPB Final Guidance on Reconsiderations of Value in Residential Real Estate Transactions
The Consumer Financial Protection Bureau (CFPB), in a joint effort with the Treasury Department, the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), has issued final guidance addressing reconsiderations of value for residential real estate transactions. According to the agencies, the guidance was finalized largely as proposed with the incorporation of minor clarifying edits based on public comments received on the proposed guidance. Read more on the topic here.
 
NCUA Proposes Two Rules for Federally-Insured Credit Unions
The National Credit Union Administration (NCUA) has approved two proposed rules concerning credit union director incentive-based compensation and succession planning. The NCUA board also approved to maintain the current interest rate ceiling for federal credit unions as 18 percent. Learn more here.
 
CFPB Finalizes Rule on the Use of Quality Control Standards for AVMs
The Consumer Financial Protection Bureau (CFPB), in conjunction with five other regulatory agencies, issued a final rule, which is aimed at ensuring the credibility and integrity of models used in valuations for certain mortgages secured by consumer’s principal dwelling. More specifically, the final rule implements quality control standards for automated valuations models (AVMs) used by mortgage originators and secondary market issuers in valuing homes. As noted in the CFPB press release, the final rule is substantially similar to the rule proposed in June 2023.
​See the full article here.
 
FinCEN Publishes Guide for BOI Reporting Requirements
The Financial Crimes Enforcement Network (FinCEN) has issued a notice to consumers at financial institutions about the financial reporting requirement of the Beneficial Ownership Information (BOI) rule. The BOI rule was implemented as part of the requirements of the Corporate Transparency Act (CTA) at the beginning of this year. While credit unions are exempt from the reporting requirements, your credit union’s members may not be. From a member relationship standpoint, it may be beneficial for your credit union to communicate this information to its members and be prepared to provide additional resources when necessary. See the full article here.