A major update to a popular governance and risk management model provides organizations the chance to evaluate their internal controls and ensure alignment with best practices. On July 20, 2020,…
New Payday Loan Alternative Offers More Benefits for Credit Unions and their Members
Credit unions now have another option to offer members quick access to funds without the high interest rates, rollovers and balloon payments that accompany traditional payday lending options. In September…
Accounting for PPP Loans: Two Approaches for Financial Statement Reporting
As the second quarter of 2020 draws to a close, many companies that received Paycheck Protection Program (PPP) loans are unsure of how to account for them on their financial…
CFPB Issues New Factsheets on ECOA Valuations Rule for Consumer and Commercial Lenders
Nearly seven years after the inception of the Equal Credit Opportunity Act (ECOA) Valuations Rule, the Consumer Financial Protection Bureau (CFPB) issued factsheets for two of its major components: transaction…
CFPB Amends Remittance Rule Exempting More Financial Institutions and Offering Greater Disclosure Flexibility
The disclosure threshold for financial institutions is now increased for international money transfers, which exempts a greater number of institutions from the rule. Additionally, impacted banks and credit unions now…
