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iCompBlogi blasts compliance myths and more
WASHINGTON (7/12/11)—The Credit Union National Association’s (CUNA) compliance bloggers, swayed by popular demand, posted Compliance Myths Part II on CUNA’s new CompBlog when readers clamored for more after the first “myths” posting. “We received great reader feedback on the first ‘episode’ and we wanted to share more compliance un-truths that travel through the compliance grapevine,” said Valerie Moss, CUNA’s director of compliance information. And to make access to the CompBlog even easier for first-time users in CUNA-affiliated credit unions, CUNA has added the CompBlog icon—or “button”--on CUNA’s homepage alongside the access buttons already provided to CUNAverse, Facebook, and more. “Three myths that kept popping up in the many comments we received on our first myths’ post (6/24/11) are featured in this edition. They include the mistaken beliefs that: Reg B prohibits lenders from maintaining photocopies of drivers’ licenses in the loan file; federal credit unions can’t be closed more than three consecutive days at a time (a holiday favorite myth); and that most credit union regulations contain annual training requirements. “We explode each of these compliance myths in detail in the July 8 post,” said Moss. “And further editions of ‘Compliance Myths’ will be based on the feedback we receive from our readers. So let us hear from you,” she added. Moss added that readers are providing positive feedback to a number of recent posts including CUNA staff insights on the compliance implications of the new interchange rules and the controversy surrounding the proposed definition of a “qualified residential mortgage” (QRM). “Credit unions will also want to check out what we posted just last night about federal agency focus on member complaints,” noted Moss. “And remember that the CompBlog continues to post items previously found in CUNA’s “What’s New” daily compiliation.” Access the new CompBlog by clicking on CUNA’s CompBlog icon at the bottom of CUNA’s home page at


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