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Compliance Outlook

Compliance Outlook. Credit Union Question Edition. Direct Credit Dispute. Conduct a reasonable investigation; Review all relevant information provided in the dispute notice; Complete the investigation and report the results within 30 days of receipt of the dispute; and

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Compliance Outlook

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  1. Compliance Outlook Credit Union Question Edition

  2. Direct Credit Dispute • Conduct a reasonable investigation; • Review all relevant information provided in the dispute notice; • Complete the investigation and report the results within 30 days of receipt of the dispute; and • If the investigation finds that the information reported was inaccurate, promptly notify each consumer reporting agency and make the information provided by the credit union accurate.

  3. Representative Payee Accounts The money in the representative payee account is used for the beneficiary’s day to day needs for food and shelter, medical and dental care not covered by insurance, and for personal needs such as clothing and recreation. Money that is left over must be saved.

  4. NMLS Unique Identifier The SAFE Act and CFPB rule also requires that certain identification information, such as the primary originator’s name and NMLSR unique identifier (NMLSR ID), and the name and NMLSR ID of the originator’s employer, (the credit union) appear on certain loan documents.

  5. Social Security Reclamation

  6. Suspicious Activity Reports Acredit union member has a fundamental right to maintain a share account and participate in elections, the credit union cannot deny someone credit union membership because it has identified suspicious activity.

  7. VISA/Master Card Cash Advances • VISA or Master Card agreement may stipulate that you are required to provide these services as a Visa/MasterCard client (provided your credit union allows for cash advances generally).

  8. Advertising • NCUA Advertising Statement • Required disclosures if trigger terms are used • Unfair and Deceptive Practices

  9. Cashier Check Stop Payments

  10. Thank you for joining me for this review of the CFPB’s International Remittance Transfer Rules Stay Tuned… Glory LeDu, CUCE, BSACS Legislative and Regulatory Affairs Specialist 101 S. Washington Square, Suite 900 Lansing, MI  48933-1703 (800) 262-6285 Ext. 459 (917) 549-9799 Mobile Glory.LeDu@mcul.org Shawn Wolbert, CIA, CUCE Director CU System Relations 101 S. Washington Square, Suite 900 Lansing, MI 48933-1703 (800) 262-6285 Ext. 486 (734) 658-5427 Mobile Follow me on Twitter – Shawn Wolbert @ Go2CUGuru

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