Compliance

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

Meet Overdraft Protection Opt-In Requirements

January 27, 2010
CUs must provide notices and obtain opt-in from members before assessing fees. Last month credit unions had to comply with new Truth in Savings requirements for disclosing aggregate overdraft fees on periodic statements regardless of whether they promoted the payment of overdrafts. The regulations also addressed account... READ MORE

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#BSA #AML Examination Manuel Update released

On December 2nd the Federal Financial Institutions Examination Council (FFIEC) released the much anticipated revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. An update for this manual had not been released since 2010. The revisions clarify supervisory expectations and incorporate regulatory changes since the last update. Numerous revisions have been made throughout the manual. Sections […]

#FannieMae & #FreddieMac’s New Guidelines Aim to Make Mortgage Lending Easier

New guidelines from Fannie Mae and Freddie Mac took effect this Monday, with the intent of relaxing lending standards for borrowers.  The new guidelines provide clarification on when lenders can be penalized for making mistakes in mortgages they sell to Fannie and Freddie.  Prior to the update, lenders  cautious of making a mistake kept strict standards […]

Proposed Changes to Mortgage Servicing Rules

On November 20th the Consumer Financial Protection Bureau (“CFPB”) proposed to amend several mortgage servicing rules under both Regulation Z and Regulation X. The proposed rule is 492 pages long and to date has not been thoroughly vetted. However, let’s take a look at some of the highlights: Successors in Interest: A successor in interest […]
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