Compliance Topic - The League - Fostering Financial Wellbeing for All

Compliance Couriers

CUs should be familiar with new debt collection regs, effective Nov. 30

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Handling personal property left in a repossessed vehicle

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League & bankers join on appeals court brief in dispute over post-repo notice

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League to file “friend of the court” brief in consumer class action suit

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OCU letter revisits accounting treatment for repossessed assets

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Wis. Supreme Court sides with vehicle owner in garage repossession case

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Federal Statutes

Wis. Stats: 186 Credit Unions (state-chartered only) as regarding membership

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Wis. Stats: 425 WCA – Consumer Transactions – Remedies and Penalties

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Wis. Stats: 427 WCA – Consumer Transactions – Debt Collection

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Wis. Stats: 428.103(1)(e) WCA – First Lien Real Estate and Other Mortgage Loans – Limitations

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ii Releases

0072 Servicemembers’ Civil Relief Act

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0121 Debt Collection in Wisconsin

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B013 Credit Union Setoff Checklist

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B025 Voluntary Surrender of Collateral; Right to Redeem

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B031 Right to Cure Default

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B037 Simple Interest Deferral and Extension Agreements

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B045 Disposition of Collateral After Default Under § 409.610, Wis. Stats.

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B050 Federal Limitation on Exercise of Due-on-Sale Clauses

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B058 HUD’s Delinquent Homeowner Notice Requirement

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B066 Self-help Repossession of Motor Vehicles

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B072 NCUA IRPS: Loan Workouts, Nonaccrual Policy, and Regulatory Reporting of Troubled Debt Restructured Loans

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B081 WCUL Loan Modification Agreement – Interest Rate and Payment Reduction

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Letters to CUs

NCUA: Letter to Credit Unions No. 03-CU-01 – Loan Charge-off Guidance (January 2003)

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NCUA: Letter to Credit Unions No. 03-CU-01 Loan Charge-off Guidance (January 2003) – Encl. A: Guidance on On-going Quality Control Procedures

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Resources

America’s Credit Unions: e-Guide – Fair Debt Collection Practices Act

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America’s Credit Unions: e-Guide – Statutory Lien

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Bureau of the Fiscal Service: Green Book

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CFPB: Bulletin 2013-07: Prohibition of Unfair, Deceptive, or Abusive Acts or Practices in the Collection of Consumer Debts

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CFPB: Bulletin 2013-08: Representations Regarding Effect of Debt Payments on Credit Reports and Scores

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CFPB: Memorandum on Ensuring Equal Treatment for Same-Sex Married Couples (June 25, 2014)

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DFI: Frequently Asked Questions – Debt Collection

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DFI: WCA Prohibited Practices

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DFI: Wisconsin Consumer Act – Deferral Fees in Simple Interest Transactions (7/08/1998) Interpretive Opinions Issued by DFI

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DFI: Wisconsin Consumer Act – Starter Interrupter Devices, Interpretive Opinions Issued by DFI

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FRB: Consumer Compliance Handbook – Fair Debt Collection Practices (1/06) 7 pp.

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FTC: Fair Debt Collection Practices Act

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WI Courts: PR-1819 (11/12) Claim Against Estate (Informal and Formal Administration)

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Other

#81045 – Simple Interest Deferral Agreement (Rev. 4/98) (DISCONTINUED)

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#82040 – Notice of Right to Cure Default (Rev. 8/05)

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#82040 – Notice of Right to Cure Default (Rev. 8/05)

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#82049 – Notice of Right To Cure Default / Take Possession (Rev. 6/06)

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#82052 – Surrender of Collateral (Rev. 3/07)

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#83002 – Wisconsin Simple Interest Loan Modification Agreement (Rev. 4/20)

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#83003 – Loan Modification Agreement – Interest Rate and Payment Reduction (Rev. 5/20)

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#83004 – Wisconsin Open-End Credit Payment Waiver Agreement (Rev. 10/20)

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Availability of Homeownership Delinquency Counseling and Servicemembers Civil Relief Act Notice Disclosure (3/11)

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Explanation of Calculation of Surplus or Deficiency (§ 409.616) (Rev. 6/18)

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Force-Placed Insurance

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Notice of Default and Acceleration Sample (Rev. 9/11)

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Notice of Disposition of Collateral (Non-consumer Goods Transaction) (Rev. 6/18)

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Notice of Our Plan to Sell Property (Consumer Goods Transaction) (Rev. 6/18)

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Collections

Compliance Couriers

Federal Statutes

ii Releases

Letters to CUs

Resources

Other