WASHINGTON (2/11/13)--As Credit Union National Association compliance staff looked back through January's regulatory results, they detected a rarity-something credit unions will hope will form a new trend. The National Credit Union Administration and the Consumer Financial Protection Bureau both appeared not only to think about how their actions might burden the regulated, they also took steps to do something about it.
January was a busy month for new rules to say the least,. The NCUA addressed the small credit union definition, its 2013 annual performance plan, and low-income designations. The CFPB released a barrage of mortgage regulations.
In the January edition of CUNA's CompBlog Wrap-Up,
Senior Vice President for Compliance Kathy Thompson notes that the NCUA and CFPB regulatory actions, which incorporated suggestions made by CUNA and credit unions, show that regulators may be beginning to "get" the message--consistently sent by CUNA and crtedit unions--that they need to assess and adjust for regulatory burden.
Thompson's lead story in this month's wrap-up shares some insights on the NCUA's new definition of "small credit union" and a key thing credit unions under $50 million need to know about that definition.
That story also addresses:
- CFPB small servicer exemptions;
- The CFPB's mortgage servicing regulations; and
- The CFPB's "ability-to-repay" regulations.
details recent NCUA grant program and National Flood Insurance Plan developments, and provides the latest news on the NCUA's examination priorities for this year.
And, as it does every month, this issue of CompBlog Wrap-Up
lists the upcoming effective dates of new regulations, important compliance articles and reports to read, as well as CUNA training programs.
For more of the CUNA CompBlog Wrap-Up
, and other compliance gems, use the resource link.