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New on the Compliance Blog: CFPB Reg Z order, BOD election ties
As credit unions work to meet the needs of more than 135 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog every Monday and Wednesday.
Here's a roundup of what's new this week:
The CFPB Announces Final Judgement Against Bank for Regulation Z Violations: The CFPB recently issued a stipulated final judgement and order against Citizens Bank for violating Regulation Z’s credit card error resolution provisions. NAFCU Regulatory Compliance Counsel Justin White explains the rule and explores the bureau’s 2020 complaint against the bank to help credit unions better understand the regulation’s requirements and potential operational pitfalls to be aware of.
Tie-Breaker Ideas for Director Elections: NAFCU Regulatory Compliance Counsel JaMonika Williams notes “credit unions have some flexibility in what they may include in their bylaws concerning elections,” adding that there are four options for election style in the model bylaws. However, the model bylaws do not include a section on how to resolve tied elections, and Williams details how credit unions can address the issue.
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