WASHINGTON (10/16/13)--The Credit Union National Association continues to work to address the regulatory issues faced by credit unions, and in this week's edition of the Regulatory Advocacy Report
, CUNA regulatory staff highlight three areas in which regulators are seeking comments from credit unions and others.
The first area outlined is a Federal Reserve paper on potential payments system changes and improvements. The Fed is working to address potential gaps and opportunities in the payments system, including payment speed, closed payment communities, and international, mobile, and traditional payment channels. The Fed is also exploring where it fits in the payment system going forward, and is seeking extensive public comment as part of this research process.
CUNA is reviewing the paper with its payments subcommittee, CUNA Councils, and others, and has met with the Fed to discuss payments issues and how credit unions can provide feedback.
Another item of interest is Bank Secrecy Act burdens, and CUNA is reaching out to credit unions on this issue as well. In a CUNA-produced survey, credit unions can detail their own regulatory burdens and suggest areas in which BSA regulations can be improved.
Also, CUNA continues to accept comment on an interagency credit risk retention proposal that includes a new definition of "qualified residential mortgage" (QRM). The proposed QRM definition would be identical to the definition adopted by the CFPB for a "qualified mortgage" (QM). Comments on this proposal are due by Oct. 30.
This week's Regulatory Advocacy Report
- Details on the Consumer Financial Protection Bureau's recent release of Home Mortgage Disclosure Act guidance;
- National Credit Union Administration exam modernization efforts; and;
- The results of an NCUA material loss review of Chetco FCU.
A resource chart with information on current CUNA comment calls is also provided in the Report
For this week's Regulatory Advocacy Report
, CUNA members can use the resource link.