6.19.2020 Regulatory Compliance Newsletter

Regulatory Compliance Newsletter June 19, 2020

  • CFPB Issues CARES Act and Credit Reporting FAQs
  • OFAC Sanctions Nigerians in Scams Targeting US Victims
  • FTC COVID-19 Complaint Data Expanded
  • HMDA Reporting if the Threshold Changes: FAQ from CUNA
  • InfoSight: New Video Resource – Back to Work Best Practices
  • Virtual Compliance Update & Roundtable – July 15th – RSVP to dgibbs@mwcua.com

Session 1:     10:30am MDT / 9:30am AZ

Session 2:     3pm MDT / 2pm AZ

Mountain West Credit Union Association helps bring MemberPass™ to market

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Digital Identity to help reduce fraud for credit unions and members

June 17, 2020 (DENVER, Colo.) – The Mountain West Credit Union Association (MWCUA) has finalized a strategic partnership agreement with CULedger to help jump start the implementation of MemberPass™, a digital ID held by credit union members. MWCUA will help secure credit unions to participate in the Digital Trust Registry™, the registration component of the program. MWCUA currently serves 123 credit unions with 3.8 million members and $51 billion in assets in three states, Colorado, Arizona and Wyoming.

In MemberPass™, credit unions have a turnkey, affordable digital identity solution that will safeguard members’ personal information and provide a touch-free member experience across all channels.  It is a simple and secure replacement for identity verification questions, like the member’s birthday or social security number, making members’ experience convenient and stress-free.  It also presents an opportunity for your credit union to reduce identity theft by giving control and ownership of personal data back to your members allowing them the right to share information, how and where they choose.

“MemberPass™, from CULedger, creates for credit unions a contactless and secure environment that members now need and want in the face of the pandemic and other challenges,” said Scott Earl, President and CEO of the Mountain West Credit Union Association. “We are thrilled to help bring this incredibly valuable solution that provides a secure digital ID to members and protects credit unions from fraud, to market.”

The Digital Trust Registry™ allows credit unions access to the MemberPass™ technology. Credit unions receive their own public digital ID that is written to the Sovrin Global Identity Network (www.sovrin.org). Sovrin is a global distributed ledger (or blockchain) designed exclusively to support digital trust networks and verifiable digital credentials, which is why Sovrin is CULedger’s partner in building the MemberPass™ Trust Network. Once registered with the Digital Trust Registry, credit unions can issue MemberPass™ credentials to their members, and the enhanced security and privacy elements are activated.

MWCUA will join other partners in engaging credit unions in joining the Digital Trust Registry.

The unique privacy-first design creates a competitive advantage for credit unions by allowing members to have one single digital credential that is both portable and interoperable. CULedger’s long-term goal is to enable members to use their MemberPass™ identification to verify who they are with other highly regulated institutions, including in government and healthcare.

For more information about this program, please contact Lisa Slaymaker of Strategic Partners.

About CULedger

CULedger is a credit union-owned CUSO (credit union service organization) that is creating the premier platform of digital exchange for financial cooperatives globally. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign decentralized identity, MemberPass™, that will further enhance the trust credit unions have with their members.

CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs. To learn more about MemberPass™, visit www.memberpass.com or follow the company on the CULedger Facebook, LinkedIn or Twitter.

About the Mountain West Credit Union Association

The Mountain West Credit Union Association is the regional tri-state trade association representing 123 member credit unions, 3.8 million credit union members and $51 billion in assets throughout Arizona, Colorado and Wyoming. Not-for-profit in nature, credit unions provide low-cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports the interests of member credit unions through advocacy, community outreach, education and training, public affairs, regulatory and compliance services and strategic partnerships. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU) and CUNA Mutual Group. Follow us on twitter at twitter.com/mwcua or on Facebook at facebook.com/mwcua. To learn more visit mwcua.com.

 

 

6.12.2020 Regulatory Compliance Newsletter

  • NCUA/EXIM Bank Partnership Will Help Credit Unions Support Small Businesses
  • NCUA Letter to Credit Unions (20-CU-18) Prompt Corrective Action Regulatory Relief Measures in Response to the COVID-19 Pandemic
  • CFPB Issues TRID Fact Sheet and FAQs
  • NCUA Updates Offsite Examination and Supervision Approach
  • InfoSight News
  • Virtual Compliance Update & Roundtable June 17th

6.5.2020 Regulatory Compliance Newsletter

  • FinCEN Adjusts Estimates of SAR Costs
  • NCUA BSA Webinar
  • Agencies Publish Guidance on Credit Losses and Risk Review
  • NCUA Updates Offsite Examination and Supervision Approach
  • InfoSight: Back to Work Best Practices
  • Virtual Compliance Update & Roundtable June 17th

 

5.29.2020 Regulatory Compliance Newsletter

  • SBA Issues Updated Resources
  • Federal Agencies Share Principles for Offering Responsible Small-Dollar Loans
  • Labor Department Approves Electronic Disclosures of Pension Plans
  • NCUA Chairman Hood Writes to FCC Regarding Third-Party Petition on Automated Calls
  • CFPB Updates Small Entity Compliance Guide
  • Reminder: Streamlined CDFI Application Round Ends May 31
  • InfoSight: Remote Work – Telecommuting
  • Virtual Compliance Update & Roundtable June 17th

MWCUA Sends Letter to NCUA Chairman Rodney Hood

This week, the Mountain West Credit Union Association sent a letter to NCUA Chairman Rodney Hood, written on behalf of the credit unions we serve expressing our appreciation for the work of the NCUA to bring about regulatory relief during this current crisis. The letter also included the Association’s recommendations for additional regulatory relief needed by credit unions and their members. The full letter can be accessed here.

In addition to expressing the priorities and concerns of our members, MWCUA reiterated the desire to assist in any way possible. Throughout the Coronavirus crisis, MWCUA has been actively engaged with the NCUA. For example, Board Member Todd Harper addressed MWCUA membership during the Association’s virtual annual meeting on April 23 providing details on how credit unions can weather the storm. NCUA Regional Director Cherie Freed also joined a separate MWCUA CEO Roundtable discussion updating the group on the agency’s priorities during the crisis.

 About the Mountain West Credit Union Association

The Mountain West Credit Union Association is the regional tri-state trade association representing 123 member credit unions, 3.8 million credit union members and $51 billion in assets throughout Arizona, Colorado and Wyoming. Not-for-profit in nature, credit unions provide low-cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports the interests of member credit unions through advocacy, community outreach, education and training, public affairs, regulatory and compliance services and strategic partnerships. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU) and CUNA Mutual Group. Follow us on twitter at twitter.com/mwcua or on Facebook at facebook.com/mwcua. To learn more visit mwcua.com.

Colorado Credit Unions Step Up for Members During Coronavirus

Mortgage forbearances, auto loan deferments add up to over a billion dollars

May 21, 2020 (DENVER, Colo.) – Colorado credit unions have provided over $1.03 billion in mortgage deferments and more than $657 million in auto loan deferments during the Coronavirus crisis. Representing over two million members in the state, Colorado credit unions have worked with their membership to provide multiple options to offer help as we all navigate this unprecedented situation.

Mortgage forbearance is a temporary stoppage of mortgage payments for a set period of time, typically up to three months. Credit union members work directly with their financial institution to utilize. Skipped payments, typically the option for auto loans, allow a member to defer payments for a period of time on auto loans and unsecured term loans. During this time, interest accrues as it normally would, and the skipped payments are then added at the end of the loan period.

“Credit unions have long been more than just place to keep your accounts,” said Scott Earl, President and CEO of the Mountain West Credit Union Association. “They are truly a partner to their members. Which is why when this crisis hit, they mobilized quickly to provide a wide variety of options for relief.”

While all the talk has been about the Paycheck Protection Program, not everyone impacted by the current crisis is an eligible recipient of that relief. As financial first responders, credit unions stepped up to assist their members from the very beginning of the Coronavirus pandemic. In addition to many Colorado credit unions offering the Paycheck Protection program under the CARES Act, credit unions also have offered short-term, low or no-interest loans; deferments on payments; and other types of programs. This has given members multiple ways to help offset the financial impacts of the crisis.

About the Mountain West Credit Union Association

The Mountain West Credit Union Association is the regional tri-state trade association representing 123 member credit unions, 3.8 million credit union members and $51 billion in assets throughout Arizona, Colorado and Wyoming. Not-for-profit in nature, credit unions provide low-cost financial services to their members. Founded in 2011, the Mountain West Credit Union Association serves and supports the interests of member credit unions through advocacy, community outreach, education and training, public affairs, regulatory and compliance services and strategic partnerships. The Mountain West Credit Union Association is affiliated with Credit Union National Association (CUNA), World Council of Credit Unions (WOCCU) and CUNA Mutual Group. Follow us on twitter at twitter.com/mwcua or on Facebook at facebook.com/mwcua. To learn more visit mwcua.com.