Compliance

Hyland: Focus on the future

February 23, 2010
Hyland: Don't wait to seize the future. Entering the stage to the strains of R.E.M.’s “It’s the End of the World as We Know it,” NCUA Vice Chair Gigi Hyland told General Session attendees to seize the future—pronto. “It’s the end of the world as we know it and it’s... READ MORE

Compliance Burden Keeps Growing

February 23, 2010
Credit union boards don’t have to know all the compliance answers. But boards must be able to ask key questions to ensure their credit union is “on track” complying with laws and regulations, said Kathy Thompson, CUNA’s senior vice president/associate general counsel for regulatory compliance, during a Tuesday panel discussion... READ MORE

Matz Optimistic About CUs' Future

February 22, 2010
While NCUA has spent more time recently "addressing credit unions’ immediate problems,” NCUA Chairman Debbie Matz said that both the agency and the credit union movement in general "have stronger reason for long-term optimism" and "can again think of the credit union industry's longer-term potential" as the economy begins to... READ MORE

The Fog Is Lifting

February 19, 2010
Nader Moghaddam Time to look at the economy and regulatory changes with clear eyes. At this time last year, we arrived at our nation’s capital encased in a heavy fog of confusion and uncertainty. Issues that loomed over attendees at the Credit Union National Association’s 2009 Governmental Affairs Conference included:... READ MORE

Focus on FACT Act

February 19, 2010
Valerie Y. Moss New regs emphasize integrity of consumer information CUs provide. Last year, the National Credit Union Administration (NCUA), Federal Trade Commission (FTC), and the federal banking agencies finalized regulations to implement the accuracy, integrity, and direct-dispute provisions of Section 312 of the Fair and Accurate Credit Transactions (FACT)... READ MORE

Update: SAFE Act Registration

February 19, 2010
New mortgage staff registration requirements should be finalized any day now. The requirements implement the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act of 2008. The Federal Deposit Insurance Corp. released its draft final rules in November 2009, and CUNA expects the National Credit Union Administration’s (NCUA) rules, applicable... READ MORE

Compliance: Feeling Overwhelmed? Just Wait

February 19, 2010
The sheer volume of new regulations is overwhelming for most CUs. Expect to see renewed regulator interest in the Bank Secrecy Act’s anti-money laundering provisions and ID theft red flags enforcement. Board focus: Plan now for an even heavier compliance burden. A seemingly endless onslaught of... READ MORE

Compliance Q&A: Periodic Statements

February 08, 2010
Q Does a periodic statement have to display “gridlines” when disclosing the aggregate dollar amount totals for overdraft and returned item fees?     A Yes . Effective Jan. 1, 2010, all credit unions—not just those that promote overdraft services as previously required—were required to disclose on periodic statements the... READ MORE

Thriving Through the Regulatory Blizzard

February 08, 2010
Klewin : Focus on planning and creativity when shoveling through the regulatory blizzard. By William Klewin I’m a pretty good bellyacher. I can complain about the weather, about bureaucracy at the Department of Motor Vehicles, returning unwanted presents, or the Green Bay Packers losing in the first round of the... READ MORE

CUNA Drafting Comments to Corporate CU Proposal

January 27, 2010
NCUA has also issued a proposal affecting community CUs. A number of regulatory issues remained with us as our calendars rolled over to 2010. One of those issues is the regulation of corporate credit unions. About 95% of natural-person credit unions belong to and rely on corporate credit... READ MORE
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New Compliance Resource from the NCUA

The NCUA has recently published a “Consumer Compliance Regulatory Resources” page, on their website. The page does not contain any new guidance from the NCUA at this point, but is more of a resource for finding links to additional resources from the FFIEC, CFPB, and of course the NCUA.   Areas which are currently listed on […]

NCUA’s Proposed Appraisal Rule: The Sequel

Last week, we discussed the NCUA’s proposed rulemaking related to appraisals. In today’s post, I’ll discuss parts two and three of that proposal. Part two of the proposed rule seeks to establish consistency between credit unions and other banking agencies as to when an appraisal is required in connection with a real estate related transaction. […]

NCUA’s Proposed Appraisal Rule: Part One

On June 26th, the National Credit Union Administration (“NCUA”) published a proposed rule in the Federal Register related to appraisals. In today’s post, I’ll discuss part one of the proposed rule. Next Tuesday, I’ll discuss parts two and three. Currently, under Section 701.31(c)(5) of the NCUA’s rules and regulations, Federal credit unions (“FCUs”) are required […]
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