Compliance

NCUA & other regulators finalize AVM rule

NEWS:  Recently, the NCUA, CFPB and other federal financial regulators released a final rule on the use of Automated Valuation Models (AVMs) – sophisticated computerized models that rely on artificial intelligence to estimate real estate values. 

Husch Blackwell HR Q&A - FAQs about political speech and related workplace issues

Q&A:  This is part of a 2024 series of HR questions and answers, prepared by Melissa Caulum Williams, Senior Counsel at the Husch Blackwell law firm. 

If you have questions about this topic, or any matters related to employment law, The League’s free HR Legal Line can help. The League arranges to have Husch Blackwell attorneys provide up to an hour to address a credit union’s employment questions. You can find more information about the service via this Compliance Courier.
 
This month, Melissa covers several FAQs about political speech and related workplace issues. She wrote, “With the RNC coming to Wisconsin this month, the DNC in Chicago next month, and the November election right around the corner, we thought it would be helpful to provide credit unions with some guidance regarding political speech at work.”

Various WCUL forms updated

NEWS:  A variety of the WCUL forms that The League sells for use by Wisconsin credit unions have been updated and a few removed from service. One new form is now available. All credit unions that use or wish to use League forms must agree to The League's Credit Union Forms Terms & Conditions (Terms). Please have one person, authorized on behalf of your credit union, review the current Terms & Conditions and submit an acknowledgment electronically as soon as possible.  

CFPB proposal would bar use of medical debt information in loan decisions

COMMENT CALL:  In June, the CFPB released a proposed rule to strictly limit creditors’ ability to obtain or use medical information for credit eligibility determinations. 

In 2003, Congress amended the Fair Credit Reporting Act (FCRA) to restrict creditors’ use of medical information when making credit eligibility determinations, but it authorized the banking agencies to issue exemptions from the restriction. In 2005, the banking agencies issued a regulatory exception to let creditors obtain and use consumers’ medical financial information when making credit eligibility determinations – if certain conditions were met. Please see The League’s ii Release No. 0126, starting on p. 37, for information about those conditions.
 
The CFPB’s proposal to amend Reg. V (which implements the Fair Credit Reporting Act or FCRA) would roll back the 2005 exception. It would also: