Four Things You Should Know To Start Your Credit Union Week

May 7, 2018 at 9:08 am Leave a comment

Kudos to our good friends at CUNA for joining in a petition seeking clarification from the FCC about when exactly the TCPA applies. Although I continue to get the sense that credit unions are not paying as much attention to this issue as they should, the general public is getting more annoyed by the growth unsolicited phone calls and now is no time to be in the dark about the circumstances under which your credit union may find itself on the receiving end of a class action lawsuit.

As I explained in this previous blog, the Telephone Consumer Protection Act (TCPA) applies to telephone equipment which has the capacity to store or produce telephone numbers to be called, using a random or sequential number generator; and to dial such numbers.” An amendment by the FCC extended this definition to include equipment which could be modified to do these tasks. Fortunately, a Federal court struck down the more expansive definition but now it’s time for the FCC to clarify once again what type of equipment triggers the TCPA.

Interest Rates Remain Steady Despite Record Low Unemployment

If your job is to anticipate how quickly interest rates are going to rise, you can be forgiven for being more than a little confused by recent economic trends. Friday’s announcement by the Department of Labor that the unemployment rate dipped below 4% means that it is at levels not seen since the days of the .com bubble and moving into territory that would have made Eisenhower proud. At the same time, we aren’t seeing a surge in wage growth. While this is good news for those of you guarding against interest rate spikes, it certainly has economists scratching their heads. Here’s the heading of a research note from Fullerton Markets this morning: Data shows slacks remain in US labor market despite drop in unemployment rate. Say what? There is slack in an economy with near record unemployment? We may not know what’s going on in the economy for decades to come, but this is further evidence that there are some fundamental shifts taking place that no one fully understands.

It’s Official, Senator Gillibrand Introduces Post Office Banking Bill

New York’s Senator, Kirsten Gillibrand officially unveiled legislation that would permit people to bank at their local post office. Perhaps now my local branch will start staying open at times when I can actually get to it. According to this article, services to be offered by the Post Office include small dollar savings and checking accounts and transactional services including debit cards. If you want to know what I think of the aspiring President’s proposal, here’s another blog for you.

DACA Issues Come To The Surface

With the continuing legal and political wrangling over the future of the Deferred Action for Childhood Arrivals program, my guess is that you will see more and more litigation dealing with claims of discrimination against individuals currently protected under the program who are in danger of losing their legal immigration status. The latest example I’ve seen is this lawsuit brought against Bank of America, by a job applicant who says he was denied his “dream job” because of his DACA status. I also checked this morning and a fascinating case alleging that Wells Fargo discriminated against DACA students by refusing to provide them student loans and/or credit cards is still being litigated.

 

Entry filed under: Compliance, Legal Watch, New York State, Regulatory. Tags: , , , .

The fintechs are coming…Why you should care What Are The Biggest Issues In Mortgage Lending?

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Authored By:

Henry Meier, Esq., Senior Vice President, General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association. In addition, although Henry strives to give his readers useful and accurate information on a broad range of subjects, many of which involve legal disputes, his views are not a substitute for legal advise from retained counsel.

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