State Laws!

This week, the CFPB issued a determination that state disclosure laws covering lending businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act.?While an interesting and important read, this article is not only about the CFPB’s determination. It also serves as a reminder of the need for credit unions to be mindful of federal and state laws that impact operations (whether state or federally chartered).

Once a member, always a member! Most credit unions have members that reside in different states and many credit unions have branches in multiple states. Managing compliance with federal regulations is tough enough, so how can credit unions also stay on top of the multiple state laws that may impact their credit union and members? InfoSight!

Credit unions can access state content for all 50 states, covering over 20 different topics within InfoSight.?State specific content is located within the related channel or operational area. So, credit unions wanting to explore state laws impacting Lending would visit the “Loans and Leasing” channel. All state content is identified, with a summary and the applicable link to the law and associated guidance. Access to other states can be found in the “Resources” area of the of the navigation panel under “InfoSight Listing by State.”

Another critical member benefit offered through your League/Association!!

Glory LeDu

CEO, League InfoSight and CU Risk Intelligence