ViClarity Compliance Update

CFPB Orders an Enforcement Action Against Cash App; CFPB Takes Enforcement Action Against Equifax.

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 DakCU's John Alexander.

CFPB Orders an Enforcement Action Against Cash App
The Consumer Financial Protection Bureau (CFPB) has ordered Block, the operator of the peer-to-peer payment app Cash App, to pay redress to consumers and to the CFPB’s victim relief fund. The order by the CFPB stems from consumer protection violations that Block engaged in, which resulted in consumer harm. Read on now.

CFPB Takes Enforcement Action Against Equifax
The Consumer Financial Protection Bureau (CFPB) has taken enforcement action against Equifax for failing to conduct proper investigations of consumer disputes. According to the CFPB, Equifax ignored consumer documents and evidence submitted with disputes, allowed previously deleted inaccuracies to be reinserted into credit reports, provided confusing and conflicting letters to consumers about the results of its investigations and used flawed software code, leading to inaccurate consumer credit scores. Equifax is a nationwide consumer reporting agency and is responsible for furnishing financial institutions, including credit unions, with consumer reports used for credit eligibility decisions. Find the full story here.

Microsoft Teams Fraud Gives Bad Actors Access to Company Networks
Ransomware gangs have begun using email bombing to perpetrate a scheme in which a gang member poses as tech support in Microsoft Teams. The fraudster tricks employees into allowing remote control and then installs malware that provides access to the company network. Read more now.