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Washington
Pressing compliance issues CUNA offers June 24 audio conference
WASHINGTON (6/21/10)—The status of compliance with interagency Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act regulations that require residential loan originators to register with the Nationwide Mortgage Licensing System and Registry will be among the pressing compliance issues featured in a June 24 Credit Union National Association (CUNA) audio conference. The session also will address compliance challenges associated with the following rules:
* Regulation Z (Reg Z) open-end credit rules that go into effect on July 1; * Reg Z credit card rules that go into effect on Aug. 22; * Regulation E overdraft rules for ATM and one-time debit card transactions, effective July 1 (or Aug. 15 for accounts in existence before July 1); * Fair and Accurate Credit Transactions Act (FACTA) accuracy and direct dispute rule, effective July 1); * The Credit Card Accountability, Responsibility and Disclosure (CARD) Act's credit card and gift card rules, effective Aug. 22; * Federal Financial Institutions Examination Council's (FFIEC) revised “Bank Secrecy Act/Anti-Money Laundering Examination Manual”; * Status of the National Flood Insurance Program (NFIP); and * A brief update on provisions of interest to credit unions in the financial regulatory reform bill, which currently being hammered out by a House-Senate conference committee.
The Pressing Compliance Issues Audio Conference is offered by CUNA on a quarterly basis. In addition to CUNA compliance staff, the June 24 session will feature a special presentation on the SAFE Act regulations by National Credit Union Administration (NCUA) attorney Regina Metz. The NCUA and all of the federal banking agencies except the Office of Thrift Supervision have approved the interagency regulations. The NCUA and the federal banking agencies are working with the Conference of State Bank Supervisors to modify the Registry so that it accepts registrations from all covered individuals. When fully operational, credit union mortgage loan originators will have six months to complete initial registrations on the system. They also will have to obtain a unique identifier and maintain this registration. Use the resource link below for registration information.
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