3 Things You Need To Start Your Credit Union Day

1. New York City Employment History Ban takes effect. This one just impacts the credit unions in NYC but it’s the type of thing that could get consideration in next year’s legislative session. Yesterday, a local law took effect banning employers in New York City from inquiring about an applicant’s compensation history. Specifically, Local Law No. 67 prohibits employers from inquiring about the salary history of a job applicant or relying on salary history in determining salary benefits or other compensation including in the negotiation of contracts. The draft is provided that where a job applicant “voluntarily and without prompting” discloses his or her salary history, then an employer may consider past compensation.  I can see the lawsuits already. Captain Obvious here: for those of you in the city who haven’t already provided additional training to persons who conduct job interviews on your behalf, do so ASAP.
2. CFPB introduced a new tool to help track mortgage delinquencies. Love it or hate it, what the CFPB does, it tends to do well. Yesterday it introduced a new part of its website that will allow people to track mortgage delinquency rates on the local, state and national levels. I can’t help but think that if such a tool had been available about 11 years ago, more policy makers and lenders would have been better positioned to prevent the worst of the Great Recession.
3. Here’s a weird story courtesy of the CU Times that I looked into: The Illinois Division of Financial Institutions recently issued a cease and desist order against 1^st Provision Credit Union located in Ottawa, Illinois. What makes this story odd is that 1^st Provision is not chartered by either the state of Illinois or NCUA. Is this a case of incredibly sloppy paperwork or is there more to come about this story?